Vietnam reported an estimated trade deficit of US$176 million in the first two months of the year, according to the General Statistics Office of Vietnam (GSO).
The Japan-Viet Nam joint venture Vietnam Stanley Electric Co Ltd produces automotive spare parts and components. GSO said products with high export value included telephone and spare parts (US$6.9 billion, up 2.3 per cent).
The domestic economic sector posted a deficit of $3.94 billion while the foreign-invested sector (including crude oil) grossed a surplus of $3.76 billion.
The GSO said that total export revenue during January-February picked up 2.4 per cent year-on-year to $36.92 billion despite the impact of the COVID-19 epidemic, partly thanks to Samsung's export of its new mobile phone model S20.
Products with high export value included telephone and spare parts ($6.9 billion, up 2.3 per cent); electronic products, computers and components ($5.4 billion, up 26.7 per cent); machinery and equipment ($3 billion, up 19.6 per cent); and footwear ($2.7 billion, up 3 per cent).
Meanwhile, export revenue of several farm produce fell, such as seafood ($921 million, down 17.7 per cent); coffee ($497 million, decreasing 9.8 per cent), vegetables and fruits ($481 million, falling 17.4 per cent); cashew nut ($315 million, dwindling 19.3 per cent); and pepper bean ($81 million, dropping 18.8 per cent). Rice is an exception, earning $372 million, up 20.5 per cent.
The US remained the largest importer of Viet Nam, splashing $9.8 billion on Vietnamese commodities, surging 19.6 per cent from the same time last year.
Revenues from exports to China increased by 3.7 per cent to $4.8 billion and to Japan by 8.9 per cent to $3.2 billion while the value of exports to the EU and ASEAN dropped by 7.7 per cent to $5 billion, and 9.3 per cent to $3.5 billion, respectively.
During the period, Viet Nam’s import revenue inched up 2.4 per cent to $37.1 billion, with high-value imports including electronic products, computers and spare parts ($8.6 billion); equipment, tools and components ($5.3 billion); and telephones and components ($2.1 billion).
Viet Nam imported $10 billion worth of products from China in the two months, falling 0.4 per cent from a year ago. It spent $4.5 billion on goods from ASEAN, $2.8 billion on goods from Japan, $2.1 billion on EU products and $2.1 billion on US goods. — VNS
The outbreak of the 2019 novel coronavirus (2019-nCoV) has affected Vietnam’s trade with not only China but also other markets, said Deputy Minister of Industry and Trade Do Thang Hai.
In the first month of the year, Vietnam imported goods worth US$18.42 billion, while its export revenue totaled some US$18.2 billion, resulting in a trade deficit of US$232 million.