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Overview of Vietnam’s export-import turnover in February 2021

Overview of Vietnam’s export-import turnover in February 2021

Friday 05, 03 2021
In the first two months of 2021, Vietnam had a trade surplus of nearly USD 1.3 billion.

Despite the complicated impact of the COVID-19 pandemic, Vietnam's import and export turnover in the first two months of 2021 still recorded a positive result. The balance of trade in this period was estimated to have a trade surplus of 1.29 billion USD. 

Vietnam’s import turnover in February and the first two months of 2021

The estimated import turnover of Vietnam in February 2021 alone reached USD 20.8 billion, decreasing by 21.4% from the previous month but increasing by 10.5% over the same period last year. 

In the first two months of 2021 in general, the import turnover of Vietnam was estimated at USD 47.26 billion, increasing by 25.9% over the same period last year. The domestic economic sector reached USD 15.62 billion USD, up 16% year over year; meanwhile, the foreign-invested sector reached USD 31.64 billion, up 31.4%. Also in this period, there were 11 items with an import turnover reaching over USD 1 billion, accounting for 67.6% of the total import turnover.

Import Turnover

Regarding the import market of Vietnam's goods in the first two months of this year, China ranked the largest import market with an estimated turnover of USD 17.3 billion, witnessing an increase of 85.7% over the same period last year. The following markets were South Korea reaching USD 8.4 billion (up 6.7%), the ASEAN market reaching USD 5.6 billion (up 18.5%), Japan with USD 3.1 billion (down 0.2%), the EU market with USD 2.3 billion (up 4.7%), and finally the United States with USD 2.1 billion, (down 4.1%).

Vietnam’s export turnover in February and the first two months of 2021

According to the General Statistics Office, in February 2021 alone, the export turnover was estimated to reach USD 20 billion, decreasing by 29.9% compared to the previous month and down 4.7% over the same period last year.

In the first two months of 2021, the export turnover was estimated at USD 48.55 billion, up 23.2% over the same period last year. The domestic economic sector reached USD 11.48 billion, increasing by 4.4% and accounting for 23.6% of the total export turnover. The foreign investment sector (including crude oil) reached USD 37.07 billion, rising by 30.5%, accounting for 76.4%. In this period, nine items had an export turnover of over USD 1 billion USD, accounting for 73.8% of the total export turnover.

Export Turnover

Regarding the export markets of Vietnam’s goods in the first two months of 2021, the United States was the largest export market of Vietnam in the first 2 months of this year with a turnover of USD 14.2 billion, increasing by 38.2% over the same period last year. The following positions were China with USD 8.5 billion (up 54.3%), the EU market with USD 6.3 billion (up 22.7%), the  ASEAN market with USD 4.2 billion (up 6.2%), South Korea reaching USD 3.4 billion (up 16.8%), and Japan with USD 3.2 billion (up 3%). 

Regarding the trade balance of goods, February 2021 witnessed a trade deficit of USD 800 million. In general, in the first two months of this year, the export surplus of 1.29 billion USD (compared to USD 1.8 billion in the same period last year. In which, the domestic sector saw a trade deficit of USD 4.14 billion, while the foreign investment sector (including crude oil) recorded an export surplus of USD 5.43 billion.

With the prospect of better global trade when the COVID-19 pandemic is under control and the effective use of favorable conditions from integration strategies and free trade agreements, the importation and exportion are expected to grow in 2021 and the following years. 

Compiled by VietnamCredit

Categories
Vietnam Economy

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