Vietnam’s exports fall 17.4% amid coronavirus fears

January exports fell 17.4% from year ago to $18.3 billion while imports dropped 13.7%. Export turnover of several agricultural products have dropped by many tens of percent over the same period last year.

Seafood exports decreased by 33.2% while vegetable and fruit exports dropped 20.6%, cashew nuts, 35.4% and coffee suffer 29.9% losses.

As of end-January, five commodity groups had export turnover of over $1 billion.

Phones and components reached nearly $2.7 billion, down 18%; textile and garment reached $2.47 billion, down 25%; machinery, equipment, tools and spare parts reached $1.48 billion, down 4.2%; footwear reached $1.4 billion, down 20.9%.

However, exports of computers, electronic products and components grew 8.2% to nearly $2.7 billion.

Shipments to the U.S. market dropped 7.3% since coronavirus outbreak hindered trade activities.

Under the pressure of the novel coronavirus crisis, Vietnam’s government decided to limit cross-border trade with China and suspend all flights to and from the epidemic-hit country.

For import, turnover in the first month of 2020 reached nearly $18.6 billion, down 13.7% over the same period of last year.

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