Textile and garment is among export items forecast to experience downturn in the first quarter of this year. (Photo: VNA)Hanoi (VNA) – Vietnam’s exports are forecast to plunge in the first quarter of this year due to impacts of the acute respiratory disease caused by the new coronavirus(2019-nCoV).
According toDirector General of the General Statistics Office of Vietnam (GSO) Nguyen BichLam, Vietnam’s exports in the first quarter of 2020 are estimated at 46.5 billion USD, down 21 percent fromthe same period last year.
Contractionwas predicted across a wide range of export items, including agricultural andforestry products (over 29 percent), aquatic products (38 percent), textiles and garment (22 percent), footwear (17percent), computers, electronics and components (8 percent), and phones and parts(27 percent), Lam said.
He added thatexports to China will be likely to shed 25 percent from a year earlier to 5.6billion USD. Shipments of agriculturaland forestry products, and aquatic products was down 30 percent and 33 percent, respectively.
In January,Vietnam’s foreign tradetotalled 38.1 billion USD, a year-on-year decrease of 12.9 percent, andthe country’s trade deficit wasestimated at 100 million USD.
The country’sexports slumped 15.8 percent month on month to 19 billion USD, of which 6.31billion USD was gained by domestic enterprises, down 23.1 percent, while theremainder came from the foreign-invested area, including crude oil, down11.6 percent.
Year-on-yeargrowth was reported in exports of computers, electronics and components (5.6percent) and wood and timber products (1.4 percent). Meanwhile, declineswere seen in textiles and garment (21 percent), phones andparts (22.4 percent), and footwear (9.7 percent).
Ofagricultural products, aquatic products and coffee experienced thecontractions with 25.2 percent and30.3 percent, respectively.
The US wasVietnam’s largest market last month, importing 4.8 billion USD worth of goods,followed by China (3.7 billion USD).
Januaryimports fell 14.4 percent from a month earlier to value 19.1 billion USD, of which 8.7 billionUSD was from domestic companies, down 17.7 percent, while the remainder fromforeign-invested sector, down 11.3 percent./.
VNA
