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2018: Import and export turnover of many commodities to increase

Increase turnover of export products

Review of major export products shows that there iss a significant increase in 2018, specifically:

Phones and components in all kinds: export of this product group is estimated US$ 3.8 billion in December 2018, down by 20.4% over the previous month. However, in all 2018, the export of phones in all kinds and components of the whole country reach more than US$ 50, up by 10.5% over the previous year.

Textile and garment products, this group of products of the whole country is estimated at US$ 2.75 billion in December 2018, up 8.3% compared to the previous month, lifting increasing the export turnover of textile and garment products to US$ 30.45 billion in 2018, up 16.6% over the previous year.

Computers, electronic products and components, export value is estimated at US$ 2.5 billion in December 2018, down 1.4% from the previous month. However, the total export turnover of this commodity is estimated at US$ 29.45 billion in 2018, up 13.4% over the previous year.

Machinery, equipment, tools and spare parts: export value is estimated at US$ 1.4 billion in December 2018, down 3.2% from the previous month. Total export turnover of this commodity is estimated at US$ 16.53 billion in 2018, up by 28% compared to the previous year.

Footwear: export value is estimated at US$ 1.65 billion in December 2018, up 8.1% over the previous month, bringing the total export turnover of this group to 16.3 billion USD in December 2018, an increase of 11% over the previous year. Seafood products, export of this group is estimated 800 US$ million in the whole country in December 2018, a slight increase of 0.1% compared to the previous month. Thereby, the export value of seafood products is lifted to US$ 8.83 billion in 2018, up 6.3% over the previous year.

Means of transport and spare parts, export value is estimated at US$ 680 million in December 2018, up by 2% over the previous month, bringing the export value of this commodity to US$ 7.99 billion in 2018, up by 13.8% compared to 2017.

Wood and wood products, export value is estimated at US$ 800 million in December 2018, down 0.4% from the previous month. Thereby, the total export value of this commodity increases to US$ 8.86 billion in 2018, up 15% compared to the previous year.

Export of coffee is estimated at 160 thousand tons in December 2018, up 15.8% over the previous month and US$ 287 million of worth, up 11.3%. The amount of exported coffee is estimated at nearly 1.9 million tons in 2018 with the value of US$ 3.54 billion, up 20.1% in volume and 1.2% in value compared to 2017.

The only crude oil exports drop, it was estimated at 508 thousand tons in December 2018, up 50.1% over the previous month and the value was US$ 230 million, up 41.3%. However, crude oil export volume is estimated at 4.12 million tons in 2018, with worth of about USD 2.27 billion, down 39.5% in volume and 21.2% in value compared to the previous year.

Turnover of imported goods

In 2018, imports also have a significant increase, the import turnover of some items decreased in December compared to the same period last year, but the import turnover of the whole year increase compared to 2017, specifically:

Imported computer items, electronic products & components is estimated at US$ 3.9 billion in December 2018, down 0.3% from the previous month. However, by the end of 2018, the turnover of imported computers, electronic products and components of the whole country is US$ 42.5 billion, increasing by 12.5% compared to the previous year.

Similarly, items of machinery, equipment, tools & spare parts, this import group is estimated at US$ 3.05 billion in December 2018, down 0.5% from the previous month. It is estimated that by the end of December 2018, the import of machinery, equipment, tools and spare parts of the whole country is US$ 33.72 billion, down by 0.5% compared to 2017.

Fabrics in all kinds are estimated at US$ 1.2 billion, in December 2018, up 4.2% over the previous month. It is estimated that by the end of 12/2018, import of fabrics in all kinds is US$ 12.91 billion, up by 13.5% compared to 2017.

Iron and steel of all kinds are estimated at 1.15 million tons, in December 2018, up 19.9% and the value is US$ 812 million, up 9.6% over the previous month. The amount of imported iron and steel of all kinds is estimated at 13.55 million tons in 2018, down 9.6% and the value is nearly US$ 9.9 billion, up 9% over the previous year.

Import of material plastics: is estimated at 500,000 tons in December 2018, worth of US$ 778 million, down 5.6% in volume and 7.3% in value over the previous month. It is estimated that by the end of December 2018, the country's import of this commodity reaches nearly 5.6 million tons, worth of nearly US$ 9.1 billion, up 11.9% in volume and 20% in value over the year before.

Other imported metals are estimated at 160 thousand tons in December 2018, up 12.8% and the value is US$ 580 million, up 12.6% over the previous month. Imports of other metal is estimated at 2.19 million tons in the 12 months of 2018, up 26.7% and total turnover is estimated at US$ 7.32 billion, up 24.9% in value over the previous year.

Raw materials for textile, garment, leather and shoe materials: It is estimated that importing this commodity group is US$ 460 million in December 2018, down 6.5% from the previous month. It is estimated that by the end of December 2018, imports of textile, garment, leather and shoe materials of the whole country is US$ 5.74 billion, up 5.7% compared to 2016.

Imported Chemical products are estimated at US$ 460 million in December 2018, up 0.3% over the previous month. It is estimated that by the end of December 2018, import of this item is US$ 5.06 billion, increasing by 9.8% compared to 2017.

Besides, turnover of some items are lower than the previous year: phones of all kinds and components, import of this group is estimated at US$ 1.6 billion in December 2018, down 7.6% compared to last month. It is estimated that by the end of December 2018, import of phones in all kinds and components of the whole country reaches US$ 16.01 billion, down by 2.6% compared to the previous year.

One important item is imported petroleum in all kinds which are estimated at 650 thousand tons in December 2018, down 13.5% from the previous month and the value is 371 million, down 27.9%. The amount of imported petroleum is estimated at 11.35 million tons in the 12 months of 2018, the value is estimated at US$ 7.6 billion, down 12.1% in volume, however, increasing by 7.8% in value compared to last year.

From the above figures, Vietnam's trade balance is estimated at US$ 200 million in December 2018, equal to 1% of export turnover. Thus, in 2018, Vietnam's trade balance is expected to exceed US$ 7.21 billion, higher US$5.1 billion than trade surplus of the 2017 (with US$ 2.11 billion).

Source: Customs News