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Commodities gained export value of over US$1 billion

06:59 | 31/07/2020

According to the General Statistics Office, a total of 23 commodities have seen an export value of over US$1 billion during the opening seven months of 2020, accounting for 87% of Vietnam's total export turnover. 

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commodities gained export value of over us 1 billion
Vietnam gained approximately US$145.79 billion from exports (Photo: VOV)

The 23 export items include mobile phones and components, electronics, computers and components, garments and textiles, machinery, spare parts, footwear, timber and wood products, vehicles and spare parts, seafood, iron, and steel, according to VOV.

During the seven months of 2020, Vietnam gained approximately US$145.79 billion from exports, representing an annual increase of 0.2%.

Export turnover has risen by 13.5% to US$50.76 billion. The foreign invested sector reported a 5.7% fall to US$95.03 billion, accounting for 65.2% of the country’s total export turnover.

commodities gained export value of over us 1 billion
Several positive signs have emerged for export activities (Photo: Industry and Trade News)

The General Statistics Office revealed that several positive signs have emerged for export activities as five Vietnamese dairy companies have been allowed to export their products to China. 

The export of commodities is expected to pick up during the remaining months of 2020 once the Covid-19 is brought under control in key trading partners to Vietnam. 

Although Vietnam's vegetable and fruit exports to China plummeted due to the Covid-19, other markets have witnessed strong export growth such as Korea, Thailand, Japan, and Taiwan (China).

commodities gained export value of over us 1 billion
Vegetable and fruit exports to China dropped sharply (Photo: Urban Economy)

Vegetable and fruit exports to China dropped sharply but exports to many other markets grew very high. Exports of fruits and vegetables to Korea reached USD 81.7 million, up 25.2%, Thailand reached USD 79.4 million, up 234.2%, Japan reached USD 68.2 million, up 13.1%, Taiwan reached USD 43 million, up 86.8%. 

Although the proportion of exports to other markets accounted for only 40.6% of total export value of vegetables and fruits, it has not offset the reduction in China. However, this is also a positive signal for Vietnam's vegetable and fruit products. 

Mr. Tran Thanh Hai, Deputy Director of the Import and Export Department, said that the Ministry of Industry and Trade has been applying IT to simplify administrative procedures, alongside deploying digital transformation in import-export activities to support local businesses, Industry and Trade News reported.  

Most notably, Vietnamese goods exported to the EU market are to be granted an electronic certificate of origin (C/O) immediately after the European Union - Vietnam Free Trade Agreement comes into effect on August 1. 

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Candy Lee