Import and export turnover of commodities declined in June

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Customs officers of Cai Lan Customs Branch (Quang Ninh Customs Department) inspect import and export goods. Photo: T.Tr

According to the General Department of Vietnam Customs, the total value of import and export goods of the country in June was estimated at $42.8 billion, down 5.1 percent from the previous month; of which the export value was estimated at $ 21.6 billion, down 1.4 percent and the value of imports was estimated at $ 21.2 billion, down 8.6 percent.

The total value of import and export goods in the first 6 months of 2019 was estimated at $ 245.48 billion, up 8.9 percent compared to 2018, of which the export value was estimated at $ 122.72. billion, increasing by 7.3 percent and the import value was estimated at 122.76 billion $, up by 10.5 percent.

Vietnam's trade balance in June 2019 was estimated at $ 400 million. For this result, from the beginning of the year to the end of June 2019, Vietnam had a deficit of $ 34 million.

Specifically, export value of some major commodities declined in June compared to May such as export volume of crude oil was estimated to reach 290,000 tons, down 15.9 percent compared to May and the export value was $143 million, down 24.4 percent; export value of wood and wooden products was estimated at $850 million, down 5.8 percent; Export value of footwears was estimated at $1.7 billion, down 1.1 percent; Export value of Machinery, equipment, tools and spare parts was estimated at $1.4 billion, down 6.9 percent.

However, export turnover of some commodities increased in June such as textiles and garments was estimated at $2.85 billion, up 4.3 percent compared to May, bringing the total export value of this commodity to $5.04 billion, up 9.9 percent compared to 2018; Computer, electronic products and components was estimated at $3 billion, increasing by 2.8 percent compared to May, bringing the total export value of this commodity to nearly $15.55 billion, up 14.31 percent compared to 2018; Mobile phones and accessories was estimated at $3.8 billion, up 2.3 percent compared to May. It is estimated that by the end of June 2019, the country's export of this commodity will have reached $23.526 billion, up 4 percent over the same period last year.

Regarding the import of goods, the import turnover of some major commodities also declined in June. The import of petroleum products in June was estimated at 700,000 tones, down 12 percent compared to May and the import value was $407 million, down 21.4 percent. The import volume of petroleum products was estimated at 4.56 million tones and the import value was estimated at $2.82 billion, decreasing by 35.4 percent in volume and 39.7 percent in value compared to 2018.

The import volume of chemical products was estimated at $430 million, decreasing by 14.8 percent compared to May; Plastic materials was estimated at 500 million tons, decreasing by 9.2 percent compared to May and the import valued was $725 million, decreasing by 11,9 percent; the import value of fabrics was estimated at $1.3 billion, down 5.2 percent compared to May.

The import value of machinery, equipment, tools and spare parts in June was $3.05 billion, down by 6.9 percent compared to May; Mobile phones and accessories was estimated at $1 billion, down 4.3 percent compared to May.

Especially, the import volume of CBU cars in June was estimated at 13,000 cars, reaching $292 million, deceasing by 9.3 percent in volume and 5.3 percent in value. It was estimated that by the end of June 2019, the import volume of CBU cars was 78,0000 cars, the value reached $1.72 billion, increasing by 532.4 percent in volume and 424.7 percent in value compared to 2018.

For this situation, the Customs revenue in the second half of 2019 will lower than the revenue in the first half. If the increase in the State revenue in January, March and April 2019 was from more than 24.35 percent to 34 percent compared to 2018, this revenue in May was 4.89 percent and June was 7.8 percent compared to 2018. This is a down trend in the State revenue collection compared to previous years, instead of increasing revenue in the last month of the year, this revenuehas decreased.