Vietnam: 232 million USD Trade deficit in January 2020, trade balance with China sharply decreases.
In the first month of 2020, the country experienced a trade deficit of 232 million USD, contrary to the surplus of January 2019. Trade balance with China decreased significantly, especially in the last 3 days of the month.
According to the General Department of Customs, the total trade value of Vietnam in January 2020 was estimated at 36.62 billion USD, down 18.4% over the previous month and 16.2% over the same period in 2019 (there were only 16 working days due to Lunar new year). In particular, the total export value reached 18.2 billion USD, decreased 19.4% compared to December 2019, while the total import value reached 18.42 billion USD, down 17.4%. As a result, the trade balance saw a deficit of 232 million USD in January 2020.
Similarly, the total trade balance with China was 8.29 billion USD in January 2020, down 25.8% compared to December 2019 and 11.8% over the same period in 2019. With regard to exports, Vietnam reached 2.75 billion USSD, down 35.3% compared to December 2019, while imports reached 5.54 billion USD, down 20.1%. The main reason for this was the Lunar new year.
Vietnam experienced a trade deficit in January 2020. Photo: Internet
According to the average value of working days (excluding Saturdays, Sundays and national holidays) in the month, Vietnam's export value to China in January 2020 reached 130.52 million USD/day, down 20.18% compared to December 2019, but up 18.5% compared to the same period in 2019. Meanwhile, the value of imports from China in January 2020 reached 261.47 billion USD/day, down 6.5% compared to December 2019 and 2.1% compared to January 2019.
In the 3 working days after the Lunar New Year (January 30, January 31 and February 3, 2020), the total value of Vietnam's exports to China reached 82.1 million USD/day, only equal to 63% of normal working days in January 2020; meanwhile imports reached US $ 182.8 million/day, equal to 70%.
Main export products:
Crude oil: Export in January 2020 was estimated at 410 thousand tons, up 26.4% and valued at 187 million USD, up 13.8% compared to December 2019. Compared to January 2019, the estimated crude oil export volume in this month is down 16.4% in volume and 19.7% in value.
Ores of all kinds: Export in January 2020 was estimated at 180,000 tons, down 37.1% and valued at 15 million USD, down 1% compared to December 2019. Compared to January 2019, the estimated export volume of ore increased by 35.8% in volume and by 46.2% in value.
Main import products:
Petrol and oil of all kinds: Imports in January 2020 were estimated at 500,000 tons, down 28.4% over the previous month and valued at 260 million USD, plummeting to 32.3%. The volume of imported gasoline in January 2020 was estimated to decrease by 56.9% in volume and by 65.4% in value compared to January 2019.
Computers, electronic products and components: Estimated import of these commodities in January 2020 was 3.65 billion USD, down 15.3% over the previous month and 8.5% compared to January /2019.
Machinery, equipment, tools and spare parts: Estimated import in January 2020 was 3.2 billion USD, down 11.5% over the previous month and up 6.8% over January/2019.
Iron and steel of all kinds: Estimated import in January 2020 was 1.0 million tons, down 16.3% and valued at 600 million USD, down 17.1% compared to December 2019. Compared to the same period in 2019, the import volume in January 2020 decreased by 25.4% and by 26% in value.
Cars of all types: Estimated import in January 2020 was 4 thousand units, up 14.3% and valued at 106 million USD, down 48.6% over the previous month. Compared to January 2019, the import value of this commodity group in the month decreased by 61%.
