Vietnam: 232 million USD Trade deficit in January 2020, trade balance with China sharply decreases.

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%.