HCMC: Exports of FDI enterprises see a deep fall

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Shrimp processed for export. Photo: N. Hue

According to statistics of Ho Chi Minh City, the total export turnover of the city's enterprises via Ho Chi Minh City port (including crude oil) in May 2020 was estimated at US$2,872.4 million, down 3.9% compared to last month.

Of which, notably, after a fall of more than 1.6% in April, exports of the FDI sector in May 2020 continued to see a deepfall of 5.7%, reaching only US$1,897.5 million.

State economic sector was estimated at US$177.4 million, up 25.9%; non-state economic sector achieved US$797.5 million, down 4.5%. Most export items in May decreased compared to the previous month due to failure to control Covid-19 pandemic of major trading partners, leading to delays, suspension and cancellations of orders.

However, the total export turnover of city’s enterprises across border gates nationwide in May reached US$3,384.2 million, up 10% over the previous month. For the first five months of 2020, the export turnover of the city’s enterprises across border gates nationwide was estimated at US$16,962.0 million, up 6.3% over the same period last year.

Some export items still maintained an increase over the previous month, such as: rice 47.7%, crude oil 30.6%, rubber 8.4% and seafood up 2.4%.

Regarding markets, China is still the largest export market for the city’s enterprises with export turnover in the first five months of 2020 reaching US$3,971 million, up 38.5% over the same period in 2019 and accounting for 25.7% of the export proportion.

The second largest export market is the United States with an export turnover of US$2,543 million, up 1.4% over the same period last year and accounting for 16.4%. Exports to Japan reached US$1,221.9 million, down 7% over the same period last year and accounting for 7.9% of the export proportion.

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For markets where Vietnam has participated in free trade agreements (FTAs), the export value in five months tended to decrease. In particular, exports to the European market in the first five months of 2020 reached US$1,847.3 million, down 11.6% over the same period last year.