01.07.2020, 08:18

China maintains position as largest Vietnamese import market

China maintains position as largest Vietnamese import market

The continuation of increasingly complicated developments regarding the global novel coronavirus (COVID-19) epidemic, especially among nations that are key trade partners of Vietnam, has hit the export and import turnover of many commodities, with overall import and export turnover reaching only US$ 238.4 billion, an annual fall of 2.1%.

During the reviewed period, the country recorded 22 items with an export value over US$1 billion, representing 86.2% of total export turnover. Moreover, there are four products worth more than US$10 billion, making up 52.7% of overall export turnover.

Generally it can be seen that the export proportion of some key products were still part of the foreign direct investment sector, in which phones and components held 91.7%; machinery, equipment and spare parts at 70.4%, footwear at 77.8%, and garments and textiles with 58%.

With regard to the export commodity market, the United States makes up the nation’s largest export market with a turnover of US$30.3 billion, an increase of 10.3% over the corresponding period from last year, followed by China, the EU, and ASEAN.

During the past six months, import turnover was estimated to stand at US$117.17 billion, marking a drop of 3% on-year, with the domestic economic sector raking in US$51.55 billion, a slight increase of 0.1 %, whilst the FDI sector stood at US$ 65.62 billion, a fall of 5.4%.

The first half of the year also saw the country register 22 import items that enjoy a value of over US$1 billion, accounting for 81.2% of total import turnover.

Most notably, the GSO outlined that the average commodity exchange rate between January and June fell by 0.78% compared to the same period in 2019, reflecting unfavourably on the Vietnamese export price to foreign countries when compared to the price of goods imported into the nation from abroad.