Despite the country’s import and export activities being negatively affected as a result of the novel coronavirus epidemic in recent months, many of these activities had been predicted to experience an upward trend in February during the opening months of the year, largely due to Samsung speeding up the export of its S20 mobile phone in February.
The total import and export turnover of goods during the reviewed period stood at an estimated US$74 billion, a rise of 2.4 per cent over the same period last year, of which the export turnover of goods reached a total of US$36.9 billion, up 2.4 per cent, while imports hit US$37.1 billion, up 2.4 per cent with the trade balance of goods enjoying an estimated trade deficit of US$176 million.
Export revenue within the domestic economic sector rose by 6 per cent to US$11.41 billion, while that of the foreign invested sector enjoyed an increase of 0.9 per cent to US$25.51 billion, accounting for 69.1 per cent of total export turnover.
A number of high-value export products recorded growth during the reviewed period, including phones and components with US$6.9 billion, up 2.3 per cent, electronics, computers and components with US$5.4 billion, a rise of 26.7 per cent, textiles and garments with US$4.5 billion, a fall of 1.7 per cent, along with machinery, equipment, tools, and spare parts with US$3 billion, up 19.6 per cent.
Coupled with this, the export turnover of a number of agricultural products suffered a sharp drop against the same period last year with aquatic products tumbling by 17.7 per cent, coffee dropping 9.8 per cent, and fruit and vegetables falling by 17.4 per cent.
The United States remained as the country’s largest export market over the two month period with a turnover of US$9.8 billion, an annual increase of 19.6 per cent, followed by China, the EU, ASEAN, Japan, and the Republic of Korea.
Overall, import turnover of goods stood at an estimated US$37.10 billion, representing an increase of 2.4 per cent over the same period last year with a number of high-value items contributing to the nation’s import turnover such as electronics, computers and components , machinery, equipment and spare parts, in addition to phones and components.