Import-export turnover increases slightly, Vietnam continues to have trade deficit

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Import, export and trade balance of Vietnam from January 1 to February 15, 2020, unit "billion USD". Chart: T. Binh.

According to the General Department of Customs, Vietnam's total import-export value in the first 15 days of February reached 19.23 billion USD, up 32% compared to the period of January 1, 2020 and up slightly by 3.3 % compared with the same period last year.

In the first half of this month, thecountry continued to have a trade deficit of 30 million USD. Accumulated from the beginning of the year to the end of February 15, Vietnam witnesseda trade deficit of 410 million USD.

Regardingexports, in the first 15 days of the month, Vietnam reached 9.6 billion USD, up 30% compared to the second half of January 2020 (due to a week of the Lunar New Year Holiday). Of which, FDI enterprises recorded6.78 billion USD.

Accumulated to the end of February 15, Vietnam's export turnover reached 27.86 billion USD, up 5.4% over the same period in 2019. Particularly, FDI accounted for 18.5 billion USD.

About import, the turnover in the first 15 days of February reached 9.62 billion USD, up 33.7% compared to the first half of January. Of which, the import turnover of foreign-invested enterprises reached 5.8 billion USD.

Accumulated to the end of February 15, Vietnam's import turnover reached 28.27 billion USD, down 1.3% compared to the same period last year. Of which, the import value of foreign-invested enterprises reached 16.5%.

In the early days of 2020, Vietnam's import and export activities were greatly affected not only from the Tet holiday, but also because ofthe Covid-19 epidemic.

Although the Government, ministries, branches and localities are making great efforts in fulfilling the dual objective of effectively combating epidemics and ensuring the facilitation of import and export activities at the same time, however, the actual trade still faces many difficulties due to partners, especially the Chinese market,focusing on epidemic control.

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Meanwhile, China is Vietnam's largest trading partner with bilateral turnover for two years (2018 and 2019) surpassing 100 billion USD, and China is the market providing many materials for domestic production and also a major consumer market of Vietnamese goods, especially agricultural products.