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Vietnam exports dropped sharply in May

10:59 | 24/05/2020

The export of Vietnam in April has been strongly affected by the Covid-19 epidemic, after achieving a relatively high growth rate in the first quarter.

 

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Vietnam reported a trade deficit of nearly 1 billion USD in the first half of May (Photo: VNS)

According to Vietnam News, Vietnam reported a trade deficit of nearly USD 1 billion in the first half of May as exports reached only USD 8.22 billion – the lowest level since the beginning of this year (excluding the first half of January when the Tet holiday fell on).

Specifically, compared to the second half of April 2020, the export of phones and components decreased by USD 207 million, equivalent to a decrease of 16.9%; machinery, equipment, tools and spare parts decreased by USD 128 million, equivalent to 14.5%; iron and steel of all kinds decreased by USD 114 million, equivalent to a decrease of 60.9%; computers, electronic products and components decreased by USD 111 million, equivalent to a 7% reduction...

vietnam exports dropped sharply in may
Vietnam imported nearly 9.2 billion USD worth of goods in the first half of May (Photo: Vietnam plus)

Meanwhile, the country imported nearly USD 9.2 billion worth of goods in the first half of May with computers, electronics and components and machinery, equipment and parts recording respective earnings of USD 2.1 billion and USD 1.4 billion, according to the the General Department of Customs.

Since the beginning of this year to mid-May, the nation’s trade value hit about USD 177 billion. Of the total, more than USD 89 billion came from exports while the remainder of USD 88 billion from imports. That resulted in a trade surplus of more than USD 1 billion, the department noted.

According to the Ministry of Industry and Trade, the Covid-19 epidemic has been spreading widely in many countries and regions around the world since the middle of March 2020 until now, greatly affecting import and export activities of Vietnam.

vietnam exports dropped sharply in may
The Covid-19 epidemic has been greatly affecting import and export activities of Vietnam (Photo: VOV)

After achieving a positive growth in the first quarter, Vietnam's trade activity from April to now has been strongly affected by the Covid-19 pandemic. The negative effects of the Covid-19 epidemic are expected to have a clearer impact on Vietnam's trade activities in the second quarter of 2020, since mid-March up to now, the disease has seriously affected Vietnam's major trading partners markets such as the US, EU and Japan, reported by VOV.

Economic experts forecast that if the epidemic is controlled in the second quarter, exports are expected to increase again in the second half of the year and continue to be the main growth engine of the Vietnamese economy in 2020, thanks to the increasing demand in the world, plus the competitive advantages when EVFTA Agreement officially comes into effect.

The Ministry of Industry and Trade would continue to give priority to promoting trade connections between Vietnamese enterprises and foreign partners, and the introduction of made-in-Vietnam goods to domestic and international consumers.

Vietnam has set a goal of reaching USD 300 billion export value target by the end of this year after four-year trade surplus record. Last year, the country’s trade surplus hit a record high of USD 9.9 billion, the highest level seen in the past four years.

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Candy Lee