Imports and exports maintain recovery trend despite COVID-19 impacts
17:48 | 06/11/2020

VGP – Viet Nam’s import value and export turnover have both gradually improved in the first 10 months this year, paving the way for the fulfilment of the goals set for the remaining months.

VN’s imports and exports maintain recovery trend despite COVID-19 impacts

Since the beginning of the year, fruit and vegetable exports faced numerous difficulties due to the impact of COVID-19, with shipment to Viet Nam’s largest consumption market, China, falling sharply.

However, the bright spot of fruit and vegetable exports is the EU market as immediately after the EU-Viet Nam Free Trade Agreement (EVFTA) took effect in last August, about 94% of the total 547 tariff lines on fresh and processed vegetables and fruits have been reduced to 0%.

Along with vegetables and fruits, many other commodities are also gradually finding more stable market after difficult months due to the pandemic.

The Ministry of Industry and Trade (MOIT) estimated that Viet Nam’s total import and export turnover in October reached US$51.2 billion, dropping by 0.3% from the previous month but still recovering quite well compared to the same period in 2019 with an increase of 9.98%.

With a quite positive recovery from the beginning of Q3, Viet Nam’s trade revenue in the first 10 months of 2020 grew by 2.62% year-on-year to reach an estimated US$439.8 billion.

During the period, 31 commodities posted an export value of more than US$1 billion each, and five items with the revenue of more than US$10 billion.

The US was Viet Nam’s largest export market between January and October with US$62.3 billion, up 24% over the same period last year.

China came in second place with US$37.6 billion (up 14%), the EU with US$28.9 billion (down 3%), ASEAN with US$18.9 billion (down 11.4%), the Republic of Korea with US$16.3 billion (down 2.6%), and Japan with US$15.6 billion (down 7%).

The MOIT also affirmed that Vietnamese goods continued to exploit the traditional markets and expanded the search and development of many new markets through the utilization of FTAs in effect and those under negotiation.

Particularly, when the business community has made better use of opportunities from FTAs, this is a positive factor facilitating the process of merchandise exports.

In addition, the unceasing reform of administrative procedures to create an open corridor for businesses’ operations has been a great driving force in developing domestic export enterprises as well as expanding the exports of businesses’ products./.

By Vien Nhu

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