Vietnam’s export turnover is forecast to suffer a sharp decrease during the first quarter of the year as a result of the impact of acute respiratory infections caused by the novel coronavirus, according to Director General of the General Statistics Office (GSO) Nguyen Bich Lam.

Export turnover for the first quarter of the year is projected to fall by 21 per cent to approximately US$46.5 billion, of which agricultural exports and forest products have seen a decline of over 29 per cent.

Fishery products also experienced a downward trajectory of 38 per cent with textiles and garments down 22 per cent, footwear product down 17 per cent, computer, electronics products and components down 8 per cent,  phones and components down 27 per cent.

Throughout reviewed period, exports to China have dropped by 25 per cent to US$5.6 billion in comparison with the same period from last year.

According to the General Statistics Office (GSO), total import and export turnover of goods in January stood at an estimated US$38.1 billion, representing a fall of 12.9 per cent.

This has seen export turnover reach an estimated US$19 billion, a fall of 15.8 per cent from the previous month, of which the domestic economic sector has undergone a fall of 23.1 per cent to US$6.31 billion. Elsewhere, the FDI sector has also witnessed a decrease of 11.6 per cent to US$12.69 billion on-year.

Meanwhile, value-added exports increased against last year’s corresponding period with electronics, computers, and components reaching US$2.6 billion, an increase of 5.6 per cent, whilst wood and wooden products rose to US$1 billion, up by 1.4 per cent.

Despite this, a number of export items experienced a downward trend in turnover. This includes textiles and garments which suffered a drop of 21 per cent, phones and components, down 22.4 per cent, and footwear products down 9.7 per cent.

A number of agricultural products also saw a significant decrease in terms of export turnover, including aquatic products which decreased by 25.2 per cent, vegetables and fruits, down by 3.9 per cent, and coffee, which suffered a fall of 30.3 per cent.

The United States remains the nation’s largest export market with a turnover of US$4.8 billion, an annual drop of 7.6 per cent, followed by China with US$3.7 billion, an increase of 32.8 per cent.

Elsewhere, there was a decline in export turnover to other markets, including the EU which fell by 30.8 per cent, ASEAN which suffered drops of 34.8 per cent, Japan down by 15.8 per cent, and the Republic of Korea which experienced a fall of 29.3 per cent.

According to the GSO, the import turnover of goods during January stood at an estimated US$19.1 billion, a drop of 14.4 per cent in comparison with the previous month.

January alone saw the country record a trade deficit of US$100 million, of which the domestic economic sector endured a trade deficit of US$2.4 billion, while the FDI sector saw a trade surplus of US$2.3 billion.