The strong increase in import activity in the first 5 months of 2021 is due to the expansion of the manufacturing sector, which has boosted the demand for imported input materials and the recovery of domestic consumption demand.
1. Import and export activities
According to information the Ministry of Industry and Trade has just announced, import and export activities in May 2021 were affected by the fourth wave of the Covid-19 epidemic that broke out again, causing the production activities of some enterprises in the industrial park affected.
However, the total import-export turnover of goods in the first 5 months of 2021 is estimated to maintain a high momentum, reaching $ 262.25 billion, up 33.5% over the same period last year.
In which, export turnover of goods was estimated at 130.94 billion USD, up 30.7% over the same period last year.
In the first 5 months of the year, there were 22 items with export turnover of over 1 billion USD, accounting for 87.3% of total export turnover (6 items with export turnover of over 5 billion USD, accounting for 63.8%). . Phones and components have the largest export value, reaching 21.9 billion USD, accounting for 16.7% of total export turnover, up 19.6% over the same period last year.
Notably in terms of imports, the Ministry of Industry and Trade said that the strong increase in import activities in the first 5 months of 2021 is due to the expansion of the manufacturing sector, which has boosted the import demand for input materials. and the recovery of domestic demand.
Generally, in the first 5 months of 2021, import turnover of goods was estimated at 131.31 billion USD, up 36.4% over the same period last year.
Regarding the group of goods to be imported, the import turnover in the first 5 months of 2021 reached 115.26 billion USD, up 35.4% over the same period last year. In which, import turnover of most items increased in 5 months such as: Computers, electronic products and components increased by 24.7%; machinery, equipment, tools and spare parts increased by 35.9%; phones and accessories increased by 51.3%…
In the first 5 months of 2021, the import turnover of the commodity group to be controlled reached US$ 8.49 billion, up 41% over the same period in 2020. In this group of goods, the import turnover of vegetables and fruits increased by 21%; confectionery and cereal products by 41.9%; CBU cars with less than 9 seats increased by 40.7%.
China is still Vietnam’s largest import market in the past 5 months with a turnover of 43.5 billion USD, up 53.3% over the same period last year.
2. Forecast of import and export movements in the coming time
The Ministry of Industry and Trade further informed that the trade balance of goods in May 2021 is estimated to have a trade deficit of 2 billion USD. The growth rate of import turnover was higher than export turnover, causing the trade balance of goods in the first 5 months of 2021 to have an estimated trade deficit of 369 million USD (the same period last year, the trade surplus was 3.87 billion USD).
In which, the domestic economic sector has a trade deficit of 12.74 billion USD; the foreign-invested sector (including crude oil) had a trade surplus of 12.37 billion USD.
It is forecasted that import and export activities will continue to prosper in the coming time when Free Trade Agreements (FTAs) are gradually being implemented in a more comprehensive and effective manner.
In particular, agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnam-EU FTA (EVFTA), the Vietnam-UK FTA (UKFTA), etc. will continue to create favorable conditions. for Vietnamese goods to penetrate into partner markets with preferential tariffs, thereby promoting strong export growth in the coming time.
However, import and export activities may be negatively affected by the 4th outbreak of Covid-19 in many localities, especially some key provinces and cities in the North such as Bac Giang and Bac Ninh. , Hanoi … are the localities with the largest scale of import and export turnover of the country.
In June 2021 and the following months, the Ministry of Industry and Trade will promote exports through exploiting organizations, take advantage of opportunities from FTAs to find solutions to develop markets and remove barriers to penetrate foreign markets. new market.
In addition, continue to closely monitor the developments of the Covid-19 pandemic in the world to take timely response measures; consolidate and expand export markets, taking full advantage of the FTAs that have taken effect; diversify export and import markets; diversify the structure of export products, improve the competitiveness of export products, develop the brand name, etc.
Source: Online Customs