Total import-export turnover in the first 5 months of the year 2020 plummeted in many major markets of Vietnam due to the complicated movements of the Covid-19 pandemic, according to the socio-economic situation report of the General Statistics Office.
According to the report, the total import-export turnover in the first 5 months of the year reached approximately US $ 197 billion, down 2.8% compared to the same period last year. Trade balance in 5 months had a trade surplus of 1.9 billion USD.
Export turnover to key markets in the first 5 months of the year was reduced due to complicated movements of the Covid-19 epidemic. Source: GSO.
The complicated movements of the epidemic in countries that are the main trading partners of Vietnam have a negative impact on trade, and reduce the import and export activities from Vietnam to the above countries.
In key markets, exports to the United States - Vietnam's largest export partner reached US $ 24.6 billion, up 8.2%; exports to China reached 16.3 billion USD, up 20.1%. The two markets of ASEAN and EU recorded a sharp decline of -12% and -13.4%.
For the first 5 months, the export turnover of goods was estimated at US $ 99.36 billion, down 1.7% over the same period last year. In which, FDI sector accounts for over 60% of total export turnover.
There are 17 export items worth over 1 billion USD, contributing 82% of the total export turnover. The group of textile, footwear, agriculture, forestry and fishery products and metals continued to decrease compared to the same period last year.
Regarding imports, imports from China's largest partner decreased by 3% over the same period last year, imports from Korea and ASEAN decreased by -9.5% and -14.1%, respectively. In contrast, imports from the United States, the EU and Japan recorded growth - though the increase only stopped at less than 10%.
Imports from some key markets also recorded a sharp decrease compared to the same period last year. Source: GSO.
The total value of imported goods decreased by 3.8% compared to the same period last year, estimated at 97.48 billion USD. Both the domestic economic sector and the FDI sector recorded a slight decrease compared to last year.
By the end of 5 months, there were 19 imported items valued at over US $ billion, contributing nearly 80% of the total turnover. In terms of commodity structure, the group of production materials decreased by 3.4% over the same period last year, consumer goods group decreased by nearly 10%.
Statistics by item, imports of electronic products - computers - components continued to increase. Most of the remaining major import items recorded a decline, cloth, iron and steel and petrol were the ones that continued to decline sharply.
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