Thursday, April 2 2020

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VN imports of US goods continue to rise

Update: March, 16/2020 - 05:42

 

Việt Nam is importing more and more goods from the US, especially with prices falling sharply as a result of that country’s trade war with China and the Covid-19 pandemic. VNS Photo Văn Châu

HCM CITY – The US is one of Việt Nam’s largest sources of goods and its imports are increasing, according to the General Department of Customs.

Last year the imports were worth US$14.36 billion after rising by 18 per cent.

They included $4.85 billion worth of computers, electronic products and components, a 59.1 per cent rise.

Imports of plastic products rose by 84.3 per cent to nearly $826.5 million.

Other imports set to rise this year are seafood and feed ingredients imported as prices drop due to the US-China trade war and the Covid-19 pandemic.

Trần Văn Trường, director of the Hoàng Gia International Seafood Trading Company Limited, said with the US’s lobster exports to China falling, so have prices, and so imports by Việt Nam have been increasing sharply.

Lobster prices are at their lowest ever. Animals weighing 1.3-3 kg now cost only VNĐ750,000 per kilogramme to import compared to VNĐ900,000-1 million usually.

People are not eating out much because of the Covid-19 scare, and so supply to restaurants has decreased but on the other hand the number of people cooking lobsters at home has increased, Trường said.

Phạm Đức Bình, general director of Thanh Binh JSC, a cattle feed production company, said the prices of feed ingredients imported from the US have dropped by 20-30 per cent because of the trade war.– VNS

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