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Vietnam posts larger trade surplus despite coronavirus fears

13/03/2020 09:49 AM
Vietnam recorded a larger trade surplus in the first two months of this year, despite the economy is suffering business slowdown from the coronavirus outbreak, according to customs data released on Wednesday.
Trade surplus was reported at $1.74 billion in the January-February period, a significant growth from a $200-million surplus of a year earlier, customs data showed.

During the period, the country’s total import – export revenue surged 94.6% year-on-year to $76.3 billion while exports rose 8.3% to $39 billion. The result came after shipments to the United States surged 25.4% and China rose 17.4% from a year earlier.

In February alone, Vietnam recorded $2.28 billion trade surplus, much higher than $800 million surplus of 2019’s February, with $20.85 billion exports and $18.5 billion imports.   

Garments, computers and electronic products, smartphones, mostly made by South Korea’s Samsung Electronics, were among Vietnam’s largest export earners, with $4.69 billion, $5.4 billion, and $7.56 billion revenue respectively.

United States and China, which are in a trade tensions and suffering the coronavirus pandemic are Vietnam’s two largest trading partners.

While Vietnam’s trade surplus with the US continues to widen, its trade deficit with China has shortened. The Southeast Asian economy’s trade surplus with the U.S. widened to over $8 billion in the first two months of this year from $6.3 billion a year earlier, customs data said.

Vietnam has recently committed and deployed measures to buy more goods from the US to shorten the trade gap which had been warned by President Donald Trump administration.   

The country’s trade deficit with China during the period has narrowed to $3.8 billion from $5.3 billion of a year earlier despite trade activities between the two countries were affected by coronavirus.

Total revenue of China – Vietnam bilateral trade during the first two months of 2020 reached $14.7 billion, a slight increase from $14.6 billion of two-month period of 2019.

In February alone, trade deficit with China also narrowed to $980 million from $1.49 billion of a year earlier. Import – export revenue between the two countries in the month increased to nearly $6.5 billion from $5.2 billion of February 2019.

Despite coronavirus spreading in China, Vietnam decided to reduce restrictions on cross-border trade with China, the country’s largest trading partner, to promote trade activities that has plunged due to the novel coronavirus.

When the epidemic outbreak was reported in Hubei province’s Wuhan city in China, hundreds container trucks of fruits were stuck at main border gates of the two countries.

Vietnamese and Chinese authorities worked together to ease border restrictions for better goods flows but maintain the prevention tasks against the the virus spreading.

Transportation activities at main border gates in Northern province of Lang Son, Lao Cai, Ha Giang have been running smoothly with a few waiting trucks on Monday. At several border gates there was no trucks getting stuck at the borders, Ministry of Industry and Trade said in a report

Source from NHIPCAUDAUTU
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