According to a report from Ministry of Industry and Trade, import turnover of goods in the first quarter of 2024 is estimated to reach 84.98 billion USD, an increase of 13.9% over the same period last year (the same period in 2023 decreased by 15.4%); Out of which, domestic economic sector is estimated to reach 29.7 billion USD, up 14.4% over the same period last year; Foreign investment sector is estimated at 55.3 billion USD, an increase of 13.6%.
In the first quarter of 2024, there were 17 imported products worth over 1 billion USD, accounting for 76.1% of total import turnover. Out of which, there were 2 imported products worth over 5 billion USD, accounting for 40.3%.
Regarding structure of imported goods, accounting for 89% of Vietnam's total import turnover in the first quarter of 2024 is the group of goods that need to be imported (including machinery, equipment, tools, spare parts and raw materials for domestic production), with an estimated turnover of 75.7 billion USD, up 16.1% over the same period in 2023.
Out of which, import turnover of computers, electronic products and components is estimated at 23.9 billion USD, an increase of 23.6% compared to the first quarter of 2023; machinery, equipment, tools and spare parts increased by 12.1%.
Similarly, import turnover of most other products also recorded an increase such as: all kinds if steel increased by nearly 32%; Plastic raw materials increased by 8.5%; Raw materials for textiles, garments and footwear increased by 9.1%; all kinds of fabrics increased by 2.7%.
Import turnover of commodity groups requiring import restrictions in the first quarter of 2024 decreased by 3.8% over the same period last year, estimated at 4.6 billion USD. Out of which, the highest increase was in import turnover of household electrical appliances and components, up 22.7% and vegetables and fruits up 21.2%.
Regarding import market for goods in the first quarter of 2024, China is still Vietnam's largest import market with an estimated turnover of 29.4 billion USD, up 24.4% over the same period last year (same period in 2023, decrease by 14.6%); the next is South Korea, estimated at 12.8 billion USD, up 4.3% (same period in 2023, down 27.1%); ASEAN reached 11.07 billion USD, an increase of 9.8% (same period in 2023 decreased by 14.9%); Japan reaches 5.6 billion USD, up 6.8% (same period in 2023, down 9.6%); EU reached 3.9 billion USD, up 17.3% (same period in 2023 down 14.6%); The United States reached 3.5 billion USD, an increase of 14.8% (the same period in 2023 decreased by 12.1%).
Experts say that thanks to exports continuing to recover from the end of last year, enterprises' demand for imported raw materials has increased sharply again. This is a positive sign for trade activities, creating momentum to complete export growth target of 6% this year.

Source: Vitic/ congthuong.vn