Import-export reached nearly 145 billion USD, the trade balance continued to lean towards trade surplus

Import-export reached nearly 145 billion USD, the trade balance continued to lean towards trade surplus

Based on the data from the General Department of Vietnam Customs, the total import-export turnover of Vietnam as of March 15, 2024, reached USD 144.99 billion, a significant increase of 17.7% (equivalent to an increase of USD 21.79 billion) compared to the same period in 2023. This is a positive signal showing the recovery and growth of foreign trade activities, creating momentum for the international transportation industry and forwarding companies.

In terms of exports, Vietnam's total export turnover as of March 15, 2024, reached USD 75.28 billion, an impressive increase of 19.6% compared to the same period last year. Many key export products experienced high growth rates, such as computers, electronic products & components increased by USD 3.45 billion (up 36.8%); machinery, equipment, tools, and spare parts increased by USD 1.04 billion (up 13.3%); textiles and garments increased by USD 660 million (up 11.4%)... The breakthrough of export industries will stimulate the demand for international transportation services, especially air and sea freight, creating opportunities for forwarding companies to increase market share.

On the other hand, the country's total import turnover as of March 15, 2024, also increased by 15.7%, reaching USD 69.71 billion. The strongly increasing import categories include computers, electronic products, and components, which increased by USD 4.05 billion (up 25.6%); machinery, equipment, tools, and spare parts increased by USD 1.09 billion (up 14.8%); iron and steel of all kinds increased by USD 750 million (up 44%)... The increase in imported goods will entail a large demand for logistics services such as warehousing, customs clearance, domestic transportation, etc., opening up opportunities for forwarding companies to expand their supply chains and enhance the added value of their services.

In particular, FDI enterprises continue to play an important role in Vietnam's import-export activities. The export turnover of the FDI sector in the first two and a half months of 2024 reached USD 54.46 billion, an increase of 15.8%, accounting for 71.7% of the country's total export turnover. Regarding imports, FDI enterprises also accounted for 64% of the total turnover, with a figure of USD 44.75 billion. These numbers demonstrate the crucial role of the FDI sector and also present a great opportunity for forwarding companies in providing logistics services to this customer group.

However, besides the opportunities, forwarding companies also need to be aware of the risks and challenges in the context of the global economy's instability. Major export markets such as the EU and the US may recover slowly, while new competitors from Turkey, Mexico, India, etc., are emerging. Technical barriers on environmental and safety standards are also becoming increasingly stringent. Therefore, to maintain and develop market share, Vietnamese forwarding companies need to enhance their overall competitiveness in terms of cost, quality, technology, and professional human resources with market understanding. At the same time, they should maintain the ability to adapt flexibly to the unpredictable fluctuations of the international market.