Three key export commodities suffered losses in the first weeks of February

Goods are imported and exported mainly through Cat Lai port. Photo: T.H

According to the General Department of Customs, in the first period of February, Vietnam saw a 50.5% decrease in export revenue compared to the second half of January, reaching only US$8.75 billion by the 15^th of the month.

Particularly, export revenue of textiles and garments went down by 67.3%, roughly US$1.41 billion; machinery, equipment, tools and spare parts plummeted by US$1.1 billion, while phones and components witnessed a 38.3% decline, approximately US$1.01 billion. Additionally, computers and electronic equipment also decreased by 35.2%, roughly US$875 million.

Nevertheless, from the beginning of the year until the first half of February, Vietnam’s total exports managed to reach US$39.58 million, a 2.7% increase compared to the same period during 2021 with textiles and garments going up by 12.7%, seafood products increased by 33.5%, and raw materials witnessed a 30.9% surge. While key commodities such as smartphones, electronic components and footwear products went down by 21.7% and 3.7%, respectively.

Insights from the General Department of Customs showed that export turnover of foreign direct investment enterprises in the first period of February decreased by 47.7% compared to the second half of January 2022. By February 15, export turnover went down by 1.3% to US$28.77 billion, making up 72.7% of Vietnam’s total export turnover.