Vietnam's exports surge in first half of 2024, driving trade surplus

Vietnam’s goods export turnover was estimated at 190.08 billion USD in the first half of 2024, a year on year rise of 14.5% and pushing up the country's trade surplus to 11.63 billion USD, reported the General Statistics Office (GSO) on June 29.

The growth was driven by both domestic and foreign-invested sectors. The domestic economic sector saw an export rise 20.6% to 53.39 billion USD USD, accounting for 28.1% of the total.

Meanwhile, the foreign-invested sector, including crude oil, posted a 12.3% increase to 136.69 billion USD, making up the remaining 71.9%.

Processed industrial goods dominated exports, generating an estimated turnover of 166.79 billion USD.

Imports also grew steadily, rising 17% year-on-year to 178.45 billion USD. The domestic economic sector contributed 65.74 billion USD to import turnover, reflecting a 22.3% increase. The foreign-invested sector imported 112.71 billion USD worth of goods, up 14.1% compared to the same period last year.

Raw materials for production were the leading import category, accounting for a significant 94% share with a value of 167.73 billion USD.

The US remained Vietnam's largest export market, with an estimated turnover of 54.3 billion USD. China retained its position as Vietnam's top import market, with an estimated value of 67 billion USD.