Clearing the flow of export goods ( part 2)
The trading surplus of agriculture, forestry and fishery products increased by nearly 49% in the first quarter.
Accordingly the data analytic of experts shows that the export turnover of goods in Vietnam in the Q1 dropped 19% by comparison with the year 2019, at 56.26 billion USD ( same period increased 7.7% on average).
As a result, the import turnover of domestic and DI enterprises decreased in comparison with the year 2019 by 3,4% and 0.8%, respectively.
However, in the first 3 months of 2020, computers, electronic components and products become the main import products among other ones, reaches 13.19 billion USD, which is 11.8% higher than last year. On top of that, the import turnover of phones and components increased by 14.1% compared to the first quarter of 2019, crude oil grew sharply by 67.9%
On the other hand, the majority import turnover of other products fell significantly by comparison with the year 2019 such as machinery, equipment, tools, spare parts, fabrics, plastic material, iron, and steel,…etc.
The figure shows that importing activities in both market China and japan is recovering slightly or decreasing at a low-level than other markets with large turnovers.
Ministry of Industry and Trade said that the pandemic is complicated in EU, USA, ASEAN, and Middle-East, so the countries applying measures of restricting travel will continue to affect the export and export activities in Vietnam so far.
Since March, the world has entered a pandemic phase with a dangerous rapid spread. Therefore, the main trend of the partners is to delay the delivery time in March, delay orders in April, and temporarily not negotiable orders from June onwards. As normal, this should have when both sides have deals for orders at the end of the year.
As a result, It has a tremendous impact on textile, footwear and wooden furniture due to the fact that the shortage of resources has just solved at the beginning of March. But, no longer after that, we encounter difficulties in the output market, especially the EU, the US are the two main export of us.
However, export activities that have a bright signal so far. As more specific, the outbreak in China is under control at the moment so everything is on the way they used to be. Not at all, the incentives of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership ( CPTPP) and the Vietnam-EU Free Trade Agreement ( EVFTA ) are expected to have production-promoting effects in a country.
In particular, the anti-dumping tax rate on the US market decreased, resulting in equivalent recognition of the food safety management and control system on catfish announced by the US Department and Agriculture as a favorable basis, in order to help Vietnam’s seafood products improve competitiveness.
Moreover, the Voluntary Partnership Agreement on Forest Law Enforcement, Governance and Trade is approved, facilitating the export of timber and timber products to the EU.
There are main factors of Vietnam’s logistics in terms of motivation, removing difficulties of exporting and importing activities in Vietnam so far in the future.
On the other hand, The Ministry proposed solutions to Government and concerned ministries and branches to remove difficulties in order to clear goods flow.
Not at all, The Ministry continues to synthesize, study and evaluate the effects of COVID-19 epidemic prevention and control measures, causing trade difficulties, limiting trade in major export markets. From there, make predictions on the commodity groups, products and propose measures to support the business.
According to Deputy Minister Cao Quoc Hung, the Ministry of Industry and Trade proactively reported to the Government on the early submission of the EVFTA Agreement’s approval document for the President to submit to the National Assembly for implementation of the approval procedure at the next meeting to end push export turnover up sharply by the end of 2020 to make up for the difficulties of the first months of the year.