First 7 months of the year: Many agricultural export products have double-digit growth

Vietnam has seen a significant increase in its total import-export value in the first seven months of 2024, with a 17.2% rise to 440.45 billion USD, including a 16% increase in exports and an 18.5% rise in imports. The country's trade balance showed a surplus of 14.52 billion USD. Key agricultural exports, such as coffee and pepper, experienced positive growth in value despite decreases in volume. However, the EU has issued 57 warnings, a 80% increase from the previous year, due to concerns about product quality, leading to increased border inspections of agricultural products from Vietnam, and there is concern that certain agricultural products, including coffee, pepper, and others, may face export restrictions from the EU by 2025 because of increased food safety monitoring measures.

According to the latest preliminary data from the General Department of Customs, by the end of July, the total import-export value of the whole country was estimated at 440.45 billion USD, up 17.2%, equivalent to an increase of 64.66 billion USD compared to the same period in 2023. Of which, the total export value reached 227.49 billion USD, up 16% over the same period last year, equivalent to an increase of 31.34 billion USD. In the opposite direction, the total import value reached 212.97 billion USD, up 18.5%, equivalent to an increase of 33.32 billion USD compared to the same period last year. With the above results, the country's trade balance of goods had a surplus of 14.52 billion USD after 7 months, equivalent to a decrease of 1.98 billion USD compared to the surplus of 16.5 billion USD in the same period last year. According to customs statistics, in the first 7 months of the year, many of Vietnam's key agricultural export products had positive growth compared to the ...