Vietnam's imports from US jump 19% in H1 as trade tensions rise

The Hanoitimes - Local importers forecast US agricultural products to continue penetrating the Vietnamese market in the remaining months of 2019, due to the escalation of the US – China trade war. US imports to Vietnam in the first six months of 2019 reached US$6.9 billion, up 19% year-on-year, according to the General Department of Vietnam Customs (GDVC). 

Upon breaking down, a total of 14 categories of goods have import turnover exceeding US$100 million, including computers and electronic devices with US$2.2 billion, up 49% year-on-year and accounting for 32% of the total. 

Notably, cars imported from the US saw sharp increase of 107% year-on-year to US$24 million, while auto parts and accessories were also up 95% to US$8.8 million. 

Agricultural products imported from the US to Vietnam in the January – June period climbed 70% year-on-year to US$116 million, followed by fisheries with US$47 million, up 67%, confectionery and cereal products with over US$5 million, up 66%. 

A sharp increase in US imports has led to significant decreases in prices in the Vietnamese market, mainly agricultural products, fisheries, electronic parts. As of present, prices of lobster, king crab, pork, soybean from US to Vietnam decreased by 15 – 50% against last year. 

On Tuesday, China’s Commerce Ministry said that Chinese companies have stopped buying US agricultural products, and that China will not rule out imposing import tariffs on US farm products that were bought after August 3. The move is expected to cause a further decline in prices of US agricultural products and fisheries in the coming time. 

Local importers forecast US agricultural products to continue penetrating the Vietnamese market in the remaining months of 2019, due to the escalation of the US – China trade war.