What is the import and export of Vietnam in 2024?

Vietnam’s Thriving Foreign Trade in 2024

Vietnam’s economy has witnessed a remarkable surge in its import-export sector, achieving impressive growth in 2024. According to official estimates, the country’s total imports and exports soared to an astounding $786.07 billion, marking a significant 15.4% increase compared to the previous year. This growth has led to a record trade surplus of $23.75 billion, highlighting the robust performance of Vietnam’s foreign trade.

Factors Driving Growth

Several factors have contributed to Vietnam’s exceptional trade performance in 2024. These include:

• Government initiatives: The Vietnamese government has implemented various policies and incentives to promote foreign trade, such as tax breaks, export financing, and infrastructure investments.
• Free trade agreements: Vietnam’s membership in free trade agreements with major economies, including the European Union and the Regional Comprehensive Economic Partnership (RCEP), has facilitated easier market access and reduced trade barriers.
• Manufacturing sector: Vietnam’s manufacturing sector has been a key driver of exports, with strong growth in industries such as electronics, textiles, and footwear.
• Increased demand: The global economy has experienced a rise in demand for Vietnamese goods, particularly for consumer electronics and agricultural products.

Key Import and Export Commodities

Vietnam’s import and export trade encompasses a wide range of commodities. Some of the major imports include machinery, equipment, and electronic components. On the export side, key products include mobile phones, computers, textiles, and agricultural products such as rice, coffee, and cashews.

Economic Implications

The surge in Vietnam’s foreign trade has had a profound impact on the country’s economy. It has:

• Increased economic growth: Exports have played a crucial role in boosting Vietnam’s GDP growth, providing a significant source of foreign exchange.
• Job creation: The growth in import-export activities has led to increased employment in sectors such as manufacturing, logistics, and transportation.
• Improved living standards: The trade surplus has enabled Vietnam to invest in infrastructure, education, and other social programs, contributing to improved living standards.

Outlook for the Future

Vietnam’s foreign trade is expected to continue its growth trajectory in the years to come. The country’s favorable economic fundamentals, coupled with ongoing government support and the potential for increased global demand, suggest that Vietnam will remain a key player in the international trade arena.