Import and export hit nearly US$389 billion

	Up $13 billion, Vietnamese enterprises prop up for import and export
	Key import and export commodity groups decline
	Lang Son: Import and export still face difficulties

Import-export movements in the first three quarters of the year. Chart: T. Binh

Nearly US$149 billion in the third quarter

According to preliminary statistics from the General Department of Customs, Vietnam’s total import and export value in September set a new record, marking the second consecutive month since the beginning of the year that the turnover topped US$50 billion (in August, the turnover was also more thanUS$ 50 billion).

In September, Vietnam’s total import and export value reached US$51.37 billion, up 1.9% from the previous month. Of which, export value only reached US$27.16 billion, down 1.9% from the previous month. However, this is still an impressive value, because compared to the month with the lowest export value (with turnover of US$17.6 billion in April), this month's export increased to US$9.56 billion.

Meanwhile, import activities maintained growth with a value of US$24.2 billion, up 6.5% over the previous month. Notably, September was the fourth consecutive month that import turnover maintained the growth momentum of the following month higher than the preceding month.

The consecutive prosperity in the last two months (August and September) brought import-export turnover in the third quarter to US$148.8 billion, up 27% compared to the previous quarter and marked the month with the highest turnover since the beginning of the year (accounting for 38.3% of the nine-month turnover). Of which, the export value in the third quarter of 2020 was US$79.8 billion, up 34% and the import value was US$69 billion, up 20.2%.

By the end of September, the country's total import-export turnover reached US$388.62 billion, exceeding US$6.6 billion (equivalent to an increase of 1.7%) over the same period last year. Of which, the export value was US$ 202.57 billion, up 4.1% and the import value was US$186.05 billion, down by 0.7%. Although growth of import and export activities in the recent months was not as high as in recent years, it was still an encouraging result amid the global trade facing difficulties due to the Covid-19 pandemic.

The export value of 10 major commodities in the first nine months of 2019 and 20120. Source: General Department of Customs

Noteworthy information is that Vietnam's trade balance in the first nine months saw the highest surplus ever of US$16.52 billion, a year-on-year increase of 127% (it was US$7.27 billion in the first nine months of 2019).

Another good sign is that the import and export activities of domestic enterprises achieved impressive growth to compensate for the decline of foreign direct investment (FDI) enterprises. By the end of September, the domestic sector achieved turnover of US$154.94 billion, an increase of US$ 15 billion over the same period last year. Of which, exports reached US$72.7 billion, up 18.7% and imports reached US$82.19 billion, up 4.5% over the same period last year. Meanwhile, total import and export value of the FDI sector reached US$233.68 billion, down 3.5% (equivalent to a decrease of US$8.42 billion) over the same period last year. In which, exports reached US$129.82 billion, down 2.7% and imports reached US$103.86 billion, falling 4.5%.

The import value of 10 major commodities in the first nine months of 2019 and 2020. Source: General Department of Customs

Commodities saw many fluctuations

With a total value of US$202.57 billion, export turnover in the first three quarters of the year increased 4.1% (equivalent to an increase of US$7.92 billion) over the same period last year. Of which, 30 out of 45 key commodity groups witnessed positive growth. Some key groups saw an impressive growth and contributed the most such as computers, electronic products and components increased US$6.6 billion; machinery, equipment, tools and spare parts increased US$5.18 billion; wood and wooden products increased US$949 million, and gemstones, precious metals and products increased US$652 million.

For import activities, prosperity in the third quarter brought total import value in the first nine months to US$186.05 billion, only a slight decrease of 0.7% compared to the same period in 2019, equivalent to falling US$1.33 billion.

The import groups that saw the highest decline namely: textile, garment and footwear materials decreased by US$2.54 billion; gasoline and oil of all kinds decreased by US$1.81 billion; iron and steel of all kinds decreased by US$1.15 billion; CBU cars of all kinds decreased by US$912 million; and machinery, equipment & spare parts reduced by US$347 million.

In contrast, computers, electronic products and components still achieved an impressive increase of US$ 6.85 billion over the same period last year.