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Vietnam export-import down 30 per cent in February

During February 2019, Vietnam’s total export-import turnover was down 30.5 per cent against the previous month.
Exports were down 33.9 per cent while imports were down 27.1 per cent.

In the first two months of this year, the total export-import turnover showed a year-on-year rise of 6.7 per cent. Exports increased 5.9 per cent and imports rose 7.5 per cent, causing a trade deficit of 84 million dollars. During this period Vietnam’s exports of machinery, equipment, and components were up 19.3 per cent; exports of garment-textiles were up 19 per cent; and exports of footwear were up 18.4 per cent. During the same period, the country’s imports of fabrics of all kinds were up 16 per cent; imports of machinery, equipment, and spare parts were up 14.6 per cent; and imports of computers, electronic products, and components were up 11.4 per cent.

Vietnam plans to become the world’s third major supplier of garments and textiles. In 2018, the export turnover of garment and textile products marked a year on year increase of 16 per cent. However Vietnam has to depend on raw material imports. Enterprises have to import over 60 per cent of the raw materials they need. Many companies in the sector have speeded up production since early 2019 to meet large orders for the first trimester.