While many markets experienced a surplus increase of tens of percent, there was also a significant surge in imports.
During the regular press conference on March 29 in Hanoi, the MoIT reported that the trade surplus in March 2024 continued to be approximately $2.93 billion, surpassing the surplus of $1.45 billion in the same period last year. This brings the total trade surplus in the first quarter of 2024 to $8.08 billion, compared to a surplus of $4.93 billion in the first quarter of 2023.
In the first quarter of 2024, the trade surplus with the US is estimated to have reached $22.7 billion, marking a 27.9 percent increase compared to the same period last year. Similarly, the surplus with the EU is expected to hit $8.2 billion, showing a 15.8 percent rise. However, the surplus with Japan is forecasted at only $50 million, indicating a 27.7 percent decline.
Conversely, the trade deficit with China is projected to reach $16.7 billion, soaring by 44.4 percent. The deficit with South Korea is anticipated to stand at $6.2 billion, a modest decrease of 3.5 percent. Meanwhile, the deficit with ASEAN countries is expected to reach $2.2 billion, up 10.9 percent.
According to Mr. Bui Huy Son, Head of the Finance and Planning Department under the MoIT, the global market's recovery has resulted in increased export orders, leading to positive outcomes in import and export activities during the first quarter of 2024.
The total import-export turnover of goods in March 2024 is estimated at $65.09 billion, up 35.6 percent compared to the previous month and up 12 percent year-on-year. Overall, in the first quarter of 2024, the total import-export turnover of goods is estimated at $178.04 billion, up 15.5 percent compared to the same period last year.
Specifically, exports are estimated at $93.06 billion, up by 17 percent compared to the same period last year, which saw a decrease of 11.6 percent, while imports are estimated at $84.98 billion, up by 13.9 percent compared to the same period last year which witnessed a decrease of 15.4 percent.
Son also disclosed that in the first quarter of 2024, there were 16 commodity groups achieving export turnovers surpassing $1 billion, constituting 82.1 percent of the total export turnover, an increase of two commodity groups compared to the same period last year. Notably, four groups recorded export turnovers exceeding $5 billion, making up 52.7 percent of the total export turnover.
