Vietnam’s first-quarter exports forecast to fall due to coronavirus

Wednesday, 2020-02-05 15:41:21
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Dragon fruit is one of the exports affected by trade restrictions due to the new coronavirus.
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NDO - Vietnamese exports in the first three months of 2020 are projected to plummet by 21% from a year earlier as a result of the impacts of the new coronavirus outbreak.

The General Statistics Office (GSO) estimated that exports in the January-March period will fall to US$46.5 billion, with agricultural produce plunging by 29% and seafood 38%.

Garment and footwear exports are also forecast to drop by 22% and 17% respectively while phone and phone parts will drop by 27%.

According to the GSO’s projections, exports to China will fall by 25% in the first three months of 2020 to US$5.6 billion.

Agricultural goods and seafood are expected to be effected the most and are predicted to record the largest reductions in exports.

In January, Vietnam exported US$19 billion worth of goods, down 15.8% from the previous month while it imported goods worth a total of US$19.1 billion.

The United States was the largest buyer of Vietnamese goods in January at US$4.8 billion, followed by China’s US$3.7 billion and the EU’s US$2.6 billion.