Vietnamese exports are off to a strong start in 2024, with new data from the General Department of Customs revealing a significant increase in the number of product categories exceeding $1 billion USD in export value.

Key Takeaways:

• 9 product groups achieved export turnovers of $1 billion USD or more in the first half of February are: Iron and steel; cameras, camcorders, and accessories; computers and electronics; phones; machinery; textiles; footwear, wood products; and transportation.
• Major export destinations include the United States, European Union, China, Korea, and Japan.

Iron and Steel Boom:

Vietnam’s iron and steel industry is experiencing a surge in exports, with a staggering 66.36% increase compared to the first half of February 2023. This translates to a near $440 million USD gain in export value.

Camera and Camcorder Exports on the Rise:

The camera, camcorder, and accessories sector is another bright spot, boasting a 48.36% growth and reaching an export value close to $1.04 billion USD. This represents an increase of nearly $440 million USD as well.

Overall Positive Outlook:

The strong performance of these new and established export categories paints a positive picture for Vietnam’s trade outlook in 2024. The first half of February alone saw the country achieve nearly $10 billion USD in total exports.

Year-to-Date Growth:

Looking at the bigger picture, Vietnam’s total export turnover from the beginning of the year to February 15th reached an impressive $44.42 billion USD. This represents a significant 19.6% increase compared to the same period in 2023, translating to an additional $7.28 billion USD in exports.

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