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Japan to become the largest import market for Vietnamese transport vehicles

August 31, 2020 | 11:02

The General Department of Customs said that the first seven months of 2020 witnessed Vietnam's export of transport vehicles and spare parts to Japan reach US$1.2 billion, accounting for 28% of Vietnam's overall export turnover of this commodity group, according to the General Department of Customs.

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Japan as the largest import market for Vietnamese transport vehicles
(Photo: VOV)

Export turnover of transport vehicles and spare parts reached a figure of US$4.38 billion. Among more than 30 export markets of the products of its kind, Japan, the US, and Korea witnessed the largest turnover, making up more than 50% of Vietnam's total export value, reported by VOV.

Export of this product to the US during the first seven months of 2020 hit USD 904 million, holding 21% of the total export turnover of transport vehicles and spare parts of Vietnam.

In July, the export of means of transport and spare parts to Japan reached USD 172.49 million, down 21% from the same period last year and up 9.7% from June 2020. In the first 7 months of the year, turnover reached USD 1.2 billion, rare 28% of the total export turnover of this commodity group of the country, down 19.2% over the same period last year.

Japan as the largest import market for Vietnamese transport vehicles
(Photo: CafeF)

In general, exports of transport and spare parts have decreased in most markets compared to 2019. Compared to 2019, the export of this commodity group has decreased in turnover in most major markets, since the Covid-19 epidemic has influenced most economies in the world, making production and export activities. Vietnam's imports are also affected.

The most affected markets are Switzerland, down 94%, and Norway down 91%.The third largest market is Korea, with a total turnover in the first 7 months of 2020 reaching $ 261 million, up 20% over the same period last year, accounting for 6% of the total export turnover of this commodity group of the country. In July, this figure reached 41.84 million USD, up 21% over the same period in 2019 and up 10% from June 2020, reported by CafeF.

Vietnam's export value of the products endures a fall from 2020 due to the impact of the novel coronavirus epidemic on the world economy. Therefore, this has affected Vietnam's production, export and import activities, in which the most affected markets were Switzerland, down 94% and Norway suffering a fall of 91% in terms of export value.

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