Import and Export turnover with China drops sharply due to coronavirus epidemic and Tet holiday
Trade turnover of US$117 billion with China | |
Exports 2019: Overcoming hardships, collecting achievements | |
Trade turnover hits US$510 billion, fulfilling the promise to the Prime Minister |
The proportion of import-export turnover with China and the US compared to other markets in 2019. Chart by: T.B |
Export turnover plunges
According to the General Department of Vietnam Customs, total import and export turnover with China in January reached US$8.29 billion, down 25.8 percent compared to December 2019 and 11.8 percent compared to the same period in 2019.
Notably, Vietnam’s exports only reached $2.75 billion, down 35.3 percent compared to December 2019 and imports reached $5.54 billion, down 20.1 percent.
The main reason for the decrease in imports and exports with China is that the Lunar New Year falls in January 2020.
Another reason is the effect of the coronavirus epidemic in China. In fact, due to the epidemic, import and export activities at all border gates with China have been quiet.
Notably, in the first three working days after the Lunar New Year holiday (January 30, 31 and February 3), Vietnam’s total average export turnover to China was $82.1 million per day, equivalent to 63 percent of the normal working day in January.
Import turnover reached $182.8 million, 70 percent of normal working days in January.
Trade deficit more than $200 million
According to the General Department of Vietnam Customs, total import and export turnover of the country in January reached $36.62 billion, down 18.4 percent compared to December 2019 and 16.2 percent compared to the same period in 2019.
Total export turnover reached $18.2 billion, down 19.4 percent compared to December 2019 and total import turnover reached $18.42 billion, down 17.4 percent compared to December last year.
Vietnam’s trade balance of goods in January had a deficit of $232 million, contrary to the surplus trend in January 2019.
Export volume of crude oil in January was estimated at 410 thousand tonnes, valued at $187 million, down 16.4 percent in volume and 19.7 percent in value compared to the same period in 2019.
Export volume of ore was estimated at 180 thousand tonnes, worth $15 million, up 35.8 percent in volume and 46.2 percent in value compared to the same period in 2019.
Import volume of petroleum products was estimated at 500,000 tonnes, worth $260 million, down 56.9 percent in volume and 65.4 percent in value compared to January 2019.
Import turnover of computers, electronic products and components was estimated at $3.65 billion, down 8.5 percent compared to the same period in 2019.
Import turnover of machinery, equipment, tools and spare parts was estimated at $3.2 billion, up 6.8 percent compared to January 2019.
Import turnover of iron and steel was estimated at 1 million tonnes, worth $600 million, compared to the same period in 2019, down 25.4 percent in volume and 26 percent in value.
The import volume of CBU cars was estimated at 4,000 cars valued at $106 million, 61 percent in volume and value compared to the same period in 2019.
In 2019, import and export turnover with China accounted for 22.6 percent (with total turnover of $116.86 billion), an overwhelming rate compared to more than 200 countries and territories of Vietnam with trade relations. Vietnam’s export turnover to China reached $41.41 billion, a slight increase of 0.1 percent compared to the previous year, import turnover reached $75.45 billion, up to 15.2 percent. In 2019, China accounted for 29.8 percent of Vietnam's total import turnover and 15.7 percent of export turnover. |
Related News
Seafood enterprises encounter problems with specialized inspection
10:37 | 05/05/2024 Import-Export
Enhance the core values of the national brand
15:36 | 02/05/2024 Import-Export
Take advantage of E-commerce leverage for export.
13:48 | 04/05/2024 Import-Export
Latest News
Three groups of export commodities achieved billions of USD
10:36 | 05/05/2024 Import-Export
Speed up the process of issuing "passports" for durian exports
15:14 | 04/05/2024 Import-Export
Vietnamese pomelo likely to be exported to Australia
15:12 | 04/05/2024 Import-Export
Central beach city to lure investment from potential partners
14:54 | 03/05/2024 Import-Export
More News
Vietnam to have enough 8 million tonnes of rice for export
14:47 | 03/05/2024 Import-Export
Binh Duong: Fertile ground for logistics businesses
10:16 | 03/05/2024 Import-Export
Some 51,600 new firms established in four months
17:17 | 02/05/2024 Import-Export
Agro-forestry-aquatic product exports post trade surplus of 4.74 billion USD in four months
17:13 | 02/05/2024 Import-Export
Solutions for maintaining Vietnam's position as a bright spot for foreign direct investment
15:36 | 02/05/2024 Import-Export
FDI disbursement in January-April period reaches five-year record
19:43 | 01/05/2024 Import-Export
Binh Duong aims to become logistics hub in southern region
19:41 | 01/05/2024 Import-Export
Digital transformation – optimal choice for Vietnamese garment & textile firms
19:39 | 01/05/2024 Import-Export
Infrastructure development creates momentum for exports to "neighboring" markets
19:36 | 01/05/2024 Import-Export
Your care
Seafood enterprises encounter problems with specialized inspection
10:37 | 05/05/2024 Import-Export
Three groups of export commodities achieved billions of USD
10:36 | 05/05/2024 Import-Export
Speed up the process of issuing "passports" for durian exports
15:14 | 04/05/2024 Import-Export
Vietnamese pomelo likely to be exported to Australia
15:12 | 04/05/2024 Import-Export
Take advantage of E-commerce leverage for export.
13:48 | 04/05/2024 Import-Export