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Export shows signs of recovery

Export shows signs of recovery

Thursday 18, 06 2020
After a sharp decline in April due to the negative impact of the Covid-19 pandemic, revenue from commodity exports of the country regained the growth momentum in May, reaching 19.19 billion US dollars, and increasing by 9.1% over the previous month.

Recovery signs

For the first 5 months of the year, the total import and export turnover of the whole country reached 196.89 billion USD, decreasing by 2.8% (equivalent to 5.62 billion USD) compared to the same period last year. In which, export goods value stood at 100.21 billion USD, declining by 0.9% and import was 96.67 billion USD, dropping by 4.6%.

On June 17, the General Department of Customs announced preliminary statistics in May, according to which the total import and export turnover of the whole country reached 37.36 billion USD, rising by 3.5% compared to the preceding month, equivalent to an increase of 1.26 billion USD.

In particular, the export value reached 19.19 billion dollars, increasing by 9.1% (equivalent to an increase of 1.6 billion dollars); imports reached 18.18 billion dollars, dropping by 1.9% (equivalent to a decrease of 347 million dollars). Thus, in terms of the trade balance, in the past month, our country had a trade surplus of over 1 billion dollars.

In particular, there are commodity groups with high export growth such as phones and components reached 2.93 billion USD, rising by 17.1%; computers, electronic products, and components reached 3.4 billion USD, rising by 11.9%; textiles reached 1.87 billion USD, rising by 16% ...

It was not all positive

Export shows signs of recovery

In the opposite direction, in May last, there were 34/53 main groups of imports decreased in value compared to the previous month. In particular, the reduction is much in the group of machinery, equipment and spare parts, and most of the input material group for the industries of textile, footwear, wood, plastic, steel, chemicals, etc.

Thus, by the end of May 2020, the export value of the whole country reached 100.21 billion USD, dropping by 0.9% from the same period last year. In which, textiles and garments saw the strongest drop, reaching 10.56 billion USD, falling by 13.6%.

Telephones and components, although being the highest export commodity group with 18.31 billion USD, had the second-largest decline, dropping by 7.1%, equivalent to 1.41 billion USD.

In the opposite direction, in the first 5 months of 2020, Vietnam's total import value of goods reached 96.67 billion USD, decreasing by 4.6% over the same period last year.

Thus, from the beginning of the year to the end of May, the country's trade balance saw a surplus of 3.54 billion USD.

According to the Ministry of Industry and Trade, over the past time, the supply chain and import-export market were interrupted by the impact of the Covid-19 pandemic. However, from mid-April to now, the situation has gradually improved, and European countries have gradually reopened the economy.

Many countries have launched large-scale stimulus packages and increased fiscal spending to cope with the pandemic, maintaining essential economic activities, and supporting workers.
In the US, as of the end of May 2020, all 50 states in the US were partially reopened after 2 months of closure to implement restrictive measures against the Covid-19 pandemic.

Source: https://www.thesaigontimes.vn

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Vietnam Economy

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