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Wednesday, July 24, 2024

Vietnam’s exports soar to two-year high in January

The Saigon Times

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HCMC – Vietnam’s exports reached nearly US$33.6 billion in January this year, up 42% over the same period in 2023, the highest monthly level since April 2022.

Exports surged in January thanks to robust growth momentum from two key sectors, namely agro-forestry-aquatic products with an increase of nearly 97% and processing sectors with a rise of 38%.

Exports of phones and accessories reached nearly US$6 billion, rising by over 56% in the initial month of this year.

Agricultural products continue to shine in the country’s export landscape due to their high prices. The average prices of coffee rose to US$2,955 per ton, up by 35%, while rice prices soared to US$693 per ton, up by 33.5% versus the year-ago period.

The U.S. remained Vietnam’s largest importing market, with revenue of US$9.6 billion, skyrocketing nearly 56% compared to the same period. Exports to other markets such as China, the EU, and ASEAN grew by 58%, 18%, and 38% respectively.

Data from the Ministry of Industry and Trade showed that Vietnam’s import-export value soared by 38% year-on-year in the first month of 2024 to US$64 billion.

Of which, Vietnam spent more than US$30.6 billion importing goods, with 95% of the imports intended to meet customer demand during the Lunar New Year holiday. As a result, the country achieved a trade surplus of US$2.9 billion.

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