A series of key export commodity groups dropped sharply in the first half of July

Developments of the decrease in export turnover of the whole country and some key commodity groups in the first half of July. Chart: T.Binh

According to the General Department of Vietnam Customs, Vietnam's exports in the period from July 1 to July 15 reached US$12.78 billion, down 13.9% (equivalent to US$2.06 billion) compared to the second period in June.

Notably, many key product groups dropped sharply, such as phones and components down by US$629 million, equivalent to 28.1%; computers, electronic products, and components decreased by US$623 million, equivalent to 28.7%; footwear of all kinds decreased by US$127 million, equivalent to 12.7%; iron and steel of all kinds decreased by US$125 million, equivalent to 21.6%.

The drop in export activities in the first half of July is understandable given the complicated developments of the Covid-19 pandemic in many provinces and cities across the country.

But from the beginning of the year to July 15, many key commodity groups still grew with a turnover of billions of USD.

Machinery, equipment, tools, and spare parts increased by US$7.03 billion, equivalent to 61.7%; computers, electronic products, and components increased by US$4.27 billion, equivalent to 20.2%; wood products increased by US$3.34 billion, equivalent to 60.1%; phones and components increased by US$2.94 billion, equivalent to 12.4% over the same period in 2020.

By the end of July 15, Vietnam's exports reached US$171.22 billion, up 28%, equivalent to US$37.48 billion over the same period in 2020.

On the other hand, in the first half of July, imports still increased by 4.8% compared to the second half of June 2021 and reached US$14.61 billion.

Product groups with notable growth are machinery, equipment, tools, and spare parts, up by US$145 million, equivalent to an increase of 7.5%; corn increased by US$75 million, equivalent to an increase of 76.3%; especially liquefied petroleum gas increased by US$70 million, equivalent to an increase of 386.5%.

Thus, from the beginning of the year to the end of July 15, the import turnover of the whole country reached US$174.23 billion, up 36.8% (equivalent to US$46.83 billion) over the same period in 2020.

In which, some commodity groups increased sharply such as machinery, equipment, tools, and spare parts increased by US$6.89 billion, equivalent to 38%; computers, electronic products, and components increased by US$6.84 billion, equivalent to 23%; phones and components increased by US$3.3 billion, equivalent to an increase of 50.8%.