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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.