Vietnam recorded a trade surplus of US$8.08 billion, up 63.9% year-on-year, in the first quarter of 2024, reported the General Statistics Office (GSO) on Friday.

 Containers at Tan Vu Terminal in northern Hai Phong City. Photo by VnExpress/Giang Huy 

In the period, total export-import turnover hit $178.04 billion, up 15.5% from the same period last year.

Exports performed particularly well, with an estimated value of $93.06 billion, reflecting a 17% year-on-year growth. Processed industrial goods dominated exports, accounting for a substantial 88.1% share with a value of $82.02 billion.

Imports, on the other hand, reached $84.98 billion, representing a 13.9% increase. Production materials comprised the bulk of imports at $79.9 billion, or roughly 94% of the total import value.

The U.S. remained Vietnam’s top export market during the period, with an estimated turnover of $26.2 billion. Meanwhile, China held the position of the largest importer for Vietnam, with goods valued at $29.4 billion entering the country.

While the overall trade picture was positive, a closer look revealed a disparity between domestic and foreign-invested sectors. The domestic economic sector experienced a trade deficit of $4.49 billion while the foreign-invested sector, including crude oil, recorded a significant surplus of $12.57 billion.

In light of these findings, former General Director of the GSO Nguyen Bich Lam emphasized the need for the Ministry of Industry and Trade to refine existing mechanisms and policies.

This would foster a more favorable macroeconomic environment for exports, promote sustainable export growth, and diversify markets to achieve a healthy and balanced trade relationship with Vietnam’s partners.

VNA (Source: e.express.net)