China’s current overcapacity problem will also increase competitive pressure in the market. As consumer demand declines, China’s cheap surplus goods can be exported to other countries.
According to the General Statistics Office, in June, total export turnover, import Goods are estimated at 63.24 billion USD, down 2.7% compared to the previous month and up 11.7% over the same period last year.
In the first 6 months of 2024, the total import and export turnover of goods reached 368.5 billion USD, an increase of 15.7% over the same period last year, of which export increased by 14.5%; imports increased by 17%. Balance of trade trade surplus of 11.63 billion USD.
Source: General Department of Customs, General Statistics Office (compiled by H.Mị)
At the recent trade promotion conference, Mr. Tran Thanh Hai, Deputy Director of the Import-Export Department (Ministry of Industry and Trade), said that export activities are facing a number of challenges.
Accordingly, the global economy in 2024 is fraught with many risks and is difficult to predict. The fight against inflationary There are still many uncertain factors, especially the monetary policies of major countries.
“The current problem of excess capacity in China will also increase competitive pressure in the market. When consumer demand declines, China’s excess, cheap goods can be exported to other countries,” said Mr. Tran Thanh Hai.
However, some positive points contributed to boosting Vietnam’s export activities in the first half of this year. The problem of high inventories in markets is gradually being overcome, especially in key export markets that faced difficulties in 2023 such as the EU and the US. For the US, recovering consumer indicators have become an important supporting factor for economic growth .
In particular, Vietnam has also recently upgraded its relationship to a Comprehensive Strategic Partnership with the US, promising sustainable development for trade relations between the two countries.
and considering the favorable and difficult factors as well as the positive growth results of import and export turnover in the first months of 2024, the Ministry of Industry and Trade assessed that 2024 will have more opportunities for Vietnam’s goods export activities to recover.
According to VietnamBiz.vn
