Import-export turnover between Vietnam – US in the first 6 months of 2020

Despite many negative impacts due to Covid-19, in the first 6 months of 2020, the import-export situation between Vietnam and the US still showed positive signs of growth.

The US is still Vietnam’s largest export market with a turnover of 31.5 billion USD, up 14.64% over the same period last year. At the same time, import turnover from the US also reached more than 7 billion USD, up 2.01% over the same period last year.

1.The situation of exporting goods from Vietnam to the US:

In the first half of the year, the six largest export commodity groups to this market reached over billion USD in turnover: textiles and garments reached  6.19 billion USD (19.64%); Computers, electronic products and components reached 4.38 billion USD (13.92%); Telephone and accessories reached 3.97 billion USD (12.59%); Machinery, equipment, tools and other spare parts reached 3.77 billion USD (11.96%); Footwear of all kinds reached 2.93 billion USD (9.31%); Wood and wooden products reached 2.6 billion USD (8.27%).

The major export commodity groups to the US such as textiles, garments, agriculture – aquatic products – seafood, computers, phones … all have large numbers and rich categories.

The export structure changes in the direction of increasing the group of processed and manufactured goods, gradually increasing the added value. Among the 6 groups mentioned above, 3 groups with turnover growth over the same period are: computers, electronic products and components (+ 91.08%); Other machines, equipment, tools and spare parts (+ 82.42%); Wood and wood products (+ 15.34%).

The United States is the world’s leading market for textile and footwear products. With export turnover to the US growing quite 53.77% in June but all 6 months of this commodity decreased by 11.89% compared to the same period in 2019.

In the context of the great impact of the Covid-19 pandemic, the overall import-export activities between the two countries still saw optimistic growth. Some items of Vietnam exported to the US increased sharply such as toys, sports equipment and parts reaching 559.18 million USD (+ 126.91%); Electrical wires and cables reached USD 240.17 million (+ 100.86%); Animal feed and materials reached 46.98 million USD (+ 181.81%) …

For agricultural products, right after receiving the action plan of the Ministry of Industry and Trade, the Vietnam Trade Office in the United States has implemented measures to support businesses and trade promotion for specific commodity groups such as vegetables, fruits and fruits that have been granted import permits by the US such as: dragon fruit, litchi, and rambutan. At the same time, continue to request the US to accelerate the process of considering and granting import permits for grapefruit. Export turnover of fruits and vegetables in the first two quarters of 2020 reached US $ 76.97 million, up 9.81% over the same period last year.

The situation of exporting Vietnamese goods to the US by commodity

(Source: General Department of Vietnam Customs)

Unit: USD

Commodity	June/2020	Compared with May/2020 (%)	The first 6 months of 2020	Compared with 2019 (%)	Density 6 months of 2020 (%)
Total export turnover	6.417.759.873	30,84	31.503.553.182	14,64	100
Textiles	1.346.832.851	53,77	6.187.155.033	-11,89	19,64
Computers. electronic products and components	903.090.815	11,43	4.384.841.676	91,08	13,92
Phones of all kinds and components	576.299.316	44,79	3.966.861.067	-5,18	12,59
Machinery. equipment and other spare tools	834.138.885	17,75	3.766.813.755	82,42	11,96
Footwear	504.966.885	14,72	2.934.206.369	-7,71	9,31
Wood and wood products	590.903.487	42,04	2.604.717.776	15,34	8,27
Means of transport and spare parts	128.038.188	3,91	752.917.916	0,33	2,39
Seafood	163.465.073	51,43	653.621.917	0,55	2,07
Bags. wallets. suitcases. umbrellas. umbrellas	112.520.932	44,56	601.534.880	-21,4	1,91
Toys, sports equipment and parts	143.562.718	97,12	559.179.326	126,91	1,77
Cashew	72.599.649	-18,49	523.365.950	8,99	1,66
Products from plastic	87.948.749	18,81	429.198.479	48,55	1,36
Products from iron and steel	47.509.418	0,72	269.103.579	-17,04	0,85
Other common metals and products	43.581.086	13,92	246.257.879	14,72	0,78
Wires and cables	42.896.134	-23,31	240.170.326	100,86	0,76
Paper and paper products	23.440.259	-31,89	148.970.964	48,15	0,47
Coffee	18.753.600	-15,4	142.958.839	-2,8	0,45
Precious stones, precious metals and products	35.991.602	717,35	127.436.393	-31,52	0,4
Products from rubber	18.407.643	21,58	97.859.253	11,86	0,31
Rattan, bamboo, rush and carpet products	20.721.072	37,45	88.913.509	47,5	0,28
Steels	11.830.103	15,48	86.654.692	-60,94	0,28
Cameras,camcorders and components	20.850.093	43,71	79.153.585	96,72	0,25
Vegetable	14.902.050	16,79	76.971.677	9,81	0,24
Pepper	9.888.717	-18,62	71.429.158	-7,53	0,23
Ceramic products	6.738.169	19,68	54.827.005	17,96	0,17
Textile,garment, leather and footwear materials	11.586.933	32,15	49.783.069	62,02	0,16
Animal feed and raw materials	11.141.495	19,19	46.985.439	181,81	0,15
Confectionery and cereal products	10.090.285	0,1	46.608.546	49,99	0,15
Fabric blinds. other technical fabrics	3.733.384	96,04	40.724.102	-61,86	0,13
Fibers and yarns of all kinds	6.568.349	25,39	33.766.268	15,55	0,11
Glass and glass products	5.644.663	65,97	31.968.037	8,72	0,1
Crude oil			22.778.607		0,07
Chemical products	5.175.906	19,55	21.784.219	26,91	0,07
Chemical	2.168.307	-8,08	14.521.495	-17,42	0,05
Rubber	2.161.899	146,94	14.323.623	-19,33	0,05
Rice	2.265.659	-3,6	7.634.044	56,11	0,02
Tea	605.649	58,04	3.618.009	7,75	0,01
Other commodity	576.739.850	54	2.073.936.720	60,12	6,58

2.The situation of importing goods from USA to Vietnam:

Computers, electronic products and components are mainly imported from the US with a turnover of 2.28 billion USD, accounting for 32.39% of the total import turnover (7.04 billion USD). of the country in the first half of the year. This is also the only item worth USD billion.

There are 12 groups reaching a turnover of hundred million USD when importing goods from this market. In which, 2 groups with value of over 500 million USD, namely: Cotton of all kinds reached 813.11 million USD (capturing 11.55% of market share); Other machines, equipment, tools and spare parts reached 521.07 million USD (capturing 7.4% market share).

Some items with quite lower turnovers such as: Food and raw materials reached 233.03 million USD (-28.33%); Textile, garment, leather and footwear materials reached USD 201.85 million (-22.54%); Means of transport and spare parts reached 105.47 million USD (-46.04%) …

The items with turnover growth over the same period are: Soybeans reached 196.37 million USD (+ 33.87%); Vegetable and fruit products reached 148.39 million USD (+ 27.54%); Pharmaceuticals reached 126.72 million USD (+ 53.01%) …

The situation of importing Vietnamese goods to the US by commodity

(Source: General Department of Vietnam Customs)

Unit: USD

Commodity	June 2020	Compared with May 2020 (%)	The first 6 months of 2020	Compared with 2019 (%)	Density 6 months of 2020 (%)
Total import turnover	1.058.102.821	-13,68	7.042.508.336	2,01	100
Computers, electronic products and components	376.308.309	-0,79	2.281.051.662	3,66	32,39
Cotton of all kinds	119.800.945	-20,13	813.106.150	-16,86	11,55
Machinery, equipment, tools and other spare parts	80.276.711	4,15	521.071.017	1,42	7,4
Plastic materials	53.324.781	-1,76	380.641.280	1,38	5,4
Animal feed and raw materials	38.949.560	-35,26	233.033.531	-28,33	3,31
Textile, garment, leather and footwear materials	24.321.390	-22,26	201.849.484	-22,54	2,87
Soybean	22.662.809	16,98	196.369.602	33,87	2,79
Chemical products	28.216.046	-0,58	185.581.926	3,68	2,64
Wood and wood products	29.174.448	6,52	169.663.381	-0,85	2,41
Vegetable goods	23.435.431	4,04	148.393.026	27,54	2,11
Medicine	14.936.423	-26,96	126.716.983	53,01	1,8
Other food preparations	18.377.628	-28,87	115.805.255	-12,55	1,64
Other means of transport and spare parts	6.303.520	-84,68	105.473.558	-46,04	1,5
Milk and milk products	13.239.091	-24,9	95.198.166	34,33	1,35
Chemistry	19.160.915	32,49	86.326.478	-8,34	1,23
Iron and steel scrap	12.128.322	-6,25	84.994.843	-40,43	1,21
Products from plastic	9.778.675	-0,21	73.098.506	24,13	1,04
Wheat	5.656.630	-70,18	57.140.768	30212,44	0,81
Seafood	5.927.012	-13,31	35.569.285	-24,23	0,51
Products from iron and steel	4.760.285	-9,25	35.310.357	6,99	0,5
Aromatic substances, cosmetics and toilet preparations	6.413.962	-3,36	34.100.963	9	0,48
Glass and glass products	3.341.766	77,73	23.834.440	-26,49	0,34
CBU cars of all kinds	2.105.012	-51,47	21.900.809	-11,19	0,31
Rubber	3.570.108	64,24	17.971.590	6,64	0,26
Other products from petroleum	2.880.281	163,81	17.970.297	75,21	0,26
Other common metals	1.359.197	-62,34	16.442.159	130,8	0,23
Fabrics of all kinds	2.698.484	-26,84	15.302.580	3,6	0,22
Wires and cables	3.883.039	132,38	12.560.141	126,03	0,18
Paper types	1.546.976	-30,2	12.128.722	-2,93	0,17
Products from other common metal	984.616	-13,56	10.859.288	-25,54	0,15
Products from rubber	1.445.520	-8,55	9.990.161	3,98	0,14
Ores and other minerals	1.375.297	53,39	9.549.501	-28,25	0,14
Car components, spare parts	846.734	-45,6	9.524.271	8,57	0,14
Pesticides and raw materials	902.392	-35,61	6.959.240	38,17	0,1
Iron and steel of all kinds	761.402	-41,19	6.831.153	-18,42	0,1
Tobacco raw materials	930.261	-38,5	6.573.680	-51,11	0,09
Fertilizers of all kinds	545.125	-76,46	6.407.526	71,84	0,09
Paper products	974.285	-24,87	5.464.038	10,55	0,08
Cameras, camcorders and components	1.761.948	229,97	4.786.587	-54,26	0,07
Confectionery and cereal products	306.067	-76,4	4.323.661	-14,52	0,06
Precious stones, precious metals and products	1.171.883	240,29	4.303.262	-24,98	0,06
Animal and vegetable fats and oils	672.518	37,25	3.587.303	6,47	0,05
Phones of all kinds and components	38.266	-98,13	2.535.105	46,35	0,04
Other goods	110.848.747	-29,68	832.206.600	61,31	11,82