Việt Nam’s export value to China up in Q1 despite COVID-19
Việt Nam achieved a high export growth value to China in the first quarter of this year, despite the novel coronavirus (COVID-19) pandemic, according to the General Department of Customs.
Việt Nam’s total export value to China in the first quarter reached US$9.3 billion, a year-on-year increase of about 24 per cent. Of which, export value in March rose by 22.3 per cent to $3.9 billion.
This was a very positive signal in the context that both Việt Nam and China suffered from the pandemic during the first quarter, the general department said.
During the first quarter, Việt Nam had two groups of goods gaining export value of over $1 billion, one more group than the same period last year.
The impressive export growth rate was made by phones and components, with a value of about $2 billion, nearly four times higher than the same period last year, it said.
Meanwhile, the goods with the largest export value to China was computers, electronic products and components with an export value of about $2.6 billion, up sharply by 46 per cent year-on-year.
However, some other key products, especially agricultural products, witnessed a sharp decline in the first quarter of this year.
Of which, fruit and vegetable products continued to have the largest export value in total during the first quarter, but this figure reduced by $154 million to $525.6 million compared to the same period last year.
Aquatic products also faced the same situation with a reduction of $57 million in total export value to $140 million in the first quarter.
The general department said Việt Nam in the first quarter spent $16.2 billion on importing goods from China. This figure decreased slightly by $50 million compared to the same period last year.
Thus, from January 1 until March 31, China continued being the largest trading partner of Việt Nam with a trade value of $25.5 billion, accounting for nearly 20.8 per cent of Việt Nam’s total trade value.
The reduction in import value and the growth in export value made Việt Nam’s trade deficit with China drop sharply to $6.9 billion in the first quarter of this year from $8.6 billion in the same period last year. — VNS