Vietnam's export revenue highest in 22 months

By Anh Minh February 8, 2024 | 06:00 pm PT

Goods are loaded at Tan Vu Port in the northern city of Hai Phong, July 2023. Photo by VnExpress/Giang Huy

Vietnam's export turnover reached nearly US$33.6 billion in January, up 42% year-on-year, the highest since April 2022, according to the Ministry of Industry and Trade.

Exports were mostly boosted by agriculture-forestry-aquaculture and the processing industry, whose revenues rose 97% and 38% respectively.

Nearly $6 billion of mobile phones and accessories were exported in January, up more than 56% from December thanks to Samsung's launch of Galaxy S24.

Agriculture exports meanwhile went up thanks to higher prices, with coffee selling for $2,955 a ton, up more than 35% year-on-year, and rice $693 a ton, up 33.5%, according to the trade ministry.

The U.S. continued to be Vietnam’s largest export market, buying $9.6 billion, or nearly 56% more than in January 2023.

Revenues from other traditional markets like China increased 58%, EU 18% and ASEAN 38%.

The country’s imports reached more than $30.6 billion, with most materials for production to serve demand during the Lunar New Year, said the trade ministry.

Vietnam thus enjoyed a trade surplus of $2.9 billion in January, with the total trade turnover rising nearly 38% year-on-year to more than $64 billion.

While FDI businesses recorded a trade surplus of more than $5 billion, Vietnamese businesses suffered more than $2 billion trade deficit.

China was Vietnam’s largest import market in January, selling goods worth nearly $11 billion, or 50% more than the same period last year.

The trade ministry forecast that exports will continue to face challenges this year due to strategic competition between major economies and escalating Red Sea tension pushing shipping prices up.