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Preliminary assessment of Vietnam international merchandise trade performance in the first 2 months of 2021

Vietnam Customs Statistics  22/03/2021 2:00 PM

Highlights

1. According to trade statistics of Vietnam Customs, in February 2021, a 25.7% downwards in total external merchandise turnover of Vietnam was recorded as compared to the result of January 2021. Exports went down 29.3 %, to USD 20.2 billion and imports decreased 21.9%, to USD 20.66 billion in terms of month-on- month basis. As a result, there was a USD 460 million deficit in Vietnam’s trade balance in this month.

2. In the first 2 months of 2021, Vietnam‘s trade-in-goods totaled US dollars 95.85 billion in value terms, 24.6% above the corresponding period of last year. As compared to result of a year earlier, total merchandise exports value rose 23.7%, to US dollars 48.74 billion and the total merchandise imports value increased 25.5% to US dollars 47.11 billion. Accordingly, Vietnam’s trade balance in 2020 was in the surplus of US dollars 1.64 billion.

3. Trade data disseminated recently by Vietnam Customs announced that the total value of exportation and importation by foreign direct invested (FDI) traders reached USD 29.34 billion in total for February of 2021, up by 25.1 % on month-on-month basis. FDI’s export value of USD 15.43 billion and FDI’s import value of USD 13.91 billion led to a trade surplus of USD 1.52 billion.

For the first 2 months of 2021, trade-in-goods by FDI traders totaled US dollars 68.52 billion, up by 31.5 % on year-on-year basis. Total value of FDI exportation was USD 37.01 billion, increased by 32.1%. On import side, the total value of those companies was USD 31.51 billion, up by 30.8%. As a result, FDI’s trade balance was in surplus of USD 5.5 billion.


 

Main Exports and Imports                        

3. The  January of 2021 to February of 2021 decrease in total merchandise exports was due to the downwards in telephones, mobile phones and parts thereof (down by USD 2.42 billion); machine, equipments, tools and instruments (down by USD 913 million); textiles and garments (down by USD 840 million); foot-wears (down by USD 659 million); computers, electrical products, spare-parts and components thereof (down by USD 522 million);...

 

On a year-on-year basis, exports was up USD 9.35 billion, to USD 48.74 billion. The main products, which contributed to the increase, were machine, equipments, tools and instruments (up by USD 2.44 billion); telephones, mobile phones and parts thereof (up by USD 2.2 billion); computers, electrical products, spare-parts and components thereof (up by USD 1.85 billion); …

4. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first two months of 2021 were: telephones, mobile phones and parts thereof; computers, electrical products, spare-parts and components thereof; machine, equipments, tools and instruments; textiles and garments.

Telephones, mobile phones and parts thereof reached USD 9.78 billion in export value and was up by USD 29.1% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were China (up by 102.5% on year-on-year basis, to USD 2.37 billion); the United States (down 3.5% on year-on-year basis, to USD 1.8 billion) and EU (27) (up by 0.8% on year-on-year basis, to USD 1.38 billion).

Computers, electrical products, spare-parts and components thereof reached USD 7.27 billion in export value; went up 34.2% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 44.8% on year-on-year basis, to USD 1.74 billion); China (up by 12.4% on year-on-year basis, to USD 1.58 billion); EU (27) (up by 41.3% on year-on-year basis, to USD 964 million);…     

Machine, equipments, tools and instruments reached USD 5.6 billion in export value ; went up by 77.2% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 185% on year-on-year basis, to USD 2.73 billion); EU (27) (up by 62.6% on year-on-year basis, to USD 697 million); Republic of Korea (up by 18% on year-on-year basis, to USD 367 million);…

Textiles and garments  reached USD 4.48 billion in export value ; went down by 5.8% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (down by 3% on year-on-year basis, to USD 2.2 billion); Japan (down by 14.1% on year-on-year basis, to USD 490 million); EU (27) (down by 6.6% on year-on-year basis, to USD 440 million);…

5.  The January of 2021 to February of 2021 decrease in total merchandise imports was due to the downwards of the commodities as follows: machine, equipments, tools and instruments (down by over USD 1 billion); telephones, mobile phones and parts thereof (down by USD over USD 1 billion); computers, electrical products, spare-parts and components thereof (down by USD 731 million); textiles, leather and foot-wears materials and auxiliaries group (down by USD 590 million);…  

 

On a year-on-year basis, imports went up USD 9.56 billion, to USD 47.11 billion. The growth in imports was mainly contributed by the upturns of the following products: computers, electrical products, spare-parts and components thereof (up by USD 1.82 billion); machine, equipments, tools and instruments (up by USD 1.61 billion); telephones, mobile phones and parts thereof (up by USD 1.45 billion); …

6. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first two months of 2021 were: computers, electrical products, spare-parts and components thereof; machine, equipments, tools and instruments; telephones, mobile phones and parts thereof.

Computers, electrical products, spare-parts and components thereof reached USD 10.59 billion in import value, went up by 20.8% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (down by 4.7% on year-on-year basis, to USD 2.93 billion); China (up by 78.3% on year-on-year basis, to USD 2.88 billion); Taiwan (China) (up by 51.5% on year-on-year basis, to USD 1.44 billion);…

Machine, equipments, tools and instruments reached USD 6.81 billion in import value, went up 30.9% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were the China (up by 70.7% on year-on-year basis, to USD 3.37 billion); Republic of Korea (up by 5.2% on year-on-year basis, to USD 1.1 billion); Japan (up by 1.8% on year-on-year basis, to USD 686 million);…

Telephones, mobile phones and parts thereof reached USD 3.53 billion in import value, was up by 69.5% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 82.7% on year-on-year basis, to USD 1.62 billion) and Republic of Korea (up by 51% on year-on-year basis, to USD 1.54 billion)...

Textile, leather and foot- wears materials and auxiliaries group reached USD 3.52 billion in import value, was up by 16.7% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 43.5% on year-on-year basis, to USD 1.8 billion) ; Republic of Korea (down by 8.8% on year-on-year basis, to USD 358 million); Taiwan (China) (up by 4.9% on year-on-year basis, to USD 355 million);…

Trading Partners

7. In the first 2 months of 2021, Vietnamese merchandise trade with trading partners in Asia was totaled USD 62.12 billion in value terms, which moved up 25.6% as compared to the same period of 2020. Trade-in-goods of Vietnam with America was followed, which reached USD 18.82 billion and increased by 26.8%. The values of other continents were Europe: USD 10.95 billion, up by 15.9%; Oceania: USD 1.85 billion, up by 18.7% and Africa: USD 1.11 billion, up by 35.4% in comparison with the same period of 2020.


8. For Jan-Feb period of 2021, 4 exporting markets of Vietnam with turnover of over USD 2 billion were: The United States of America (reached USD 13.83 billion); China (reached USD 7.98 billion); Republic of Korea (reached USD 3.16 billion) and Japan (reached USD 2.97 billion).


9. On import side, four partners exporting goods to Vietnam with turnover of over 3 billion were as follows: China (reached USD 15.42 billion); Republic of Korea (reached USD 8.40 billion); Japan (reached USD 3.19 billion); Taiwan (reached USD 3.12 billion.

 

 

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