A newly released report by UOB forecasts that Vietnam’s product exports will increase by 18% this year, the highest since 2021. Last year, export turnover reached $355.5 billion, down 4.4% compared to 2022, according to the General Statistics Office.
Last month, manufacturing volume experienced a slow rate. However, Vietnam’s product exports will surpass $400 billion in 2024, according to experts.
Therefore, UOB’s forecast means this year’s results could be close to $420 billion. According to data from the General Department of Customs, from the beginning of the year to November 15, Vietnam’s export turnover reached the same level as last year. The value of Vietnam’s product exports was $352.38 billion, up 14.8% compared to the same period in 2023.
Some notable contributors include: computers, electronics and components increased by 12.79 billion USD (26.1%). Machinery, equipment and spare parts increased by 8.08 billion USD (21.7%). Along with that, textiles, wood and wood products also grew by double digits.
As of November 15, the total import value of the country reached 329.1 billion USD, up 16.6% over the same period. According to UOB, this year’s trade growth is partly due to the continued expansion of foreign direct investment flows.
Vietnam’s product exports over the years
In the first 10 months of the year, Vietnam received 27.3 billion USD of FDI registration. Disbursed capital is on track to reach a record level for the third consecutive year. “The latest published data shows that Vietnam’s growth trajectory remains on track,” UOB commented.
However, the short-term situation shows signs of slowing. The Vietnam Manufacturing Purchasing Managers’ Index (PMI) released by S&P Global recorded 50.8 points in November. This indicates the manufacturing sector grew for the second consecutive month, but not as much as October, when the PMI reached 51.2.
According to the New York-based financial information and analytics company, output and new orders slowed. Of which, new orders from abroad decreased after a slight increase in the previous month.
“To some extent, the slowdown reflects weakening international demand, with exports falling by the largest amount since July 2023,” said Andrew Harker, Chief Economist at S&P Global Market Intelligence.
Still, S&P Global’s survey said Vietnamese manufacturers remain optimistic about output growth next year. Their expectations related to new product launches and business expansion will increase new orders.
Vietnamese source: https://vnexpress.net/xuat-khau-du-bao-vuot-moc-400-ty-usd-4823793.html