Vietnamese exports to Russia plummet during first half
VOV.VN - Vietnam’s trade turnover with Russia in the first half of the year endured a drop of 18.63% to US$2.02 billion against the same period from last year due to the impact of the Russia-Ukraine conflict, according to statistics released by the General Department of Vietnam Customs.
This decrease was equivalent to US$412.95 million, accounting for 0.5% of the nation’s total import-export turnover with the global market, with the country thereby posting a trade deficit of US$344.87 million with Russia.
The country raked in US$838.79 million from exports to the Russian market in the first half of the year, representing a decline of 49.31%, equivalent to US$817.93 million, compared to last year’s corresponding period.
Furthermore, almost all export items to Russia endured a sharp decrease, of which computers, electronic products and components plunged by 73.83%, phones and components dropped by 71.65%, and textiles and garments were down by 40.02%.
Despite Russia being the ninth largest consumer of Vietnamese fruit and vegetables last year, these items to the market in the reviewed period also experienced a decline of 40.88%, with the major fruit products consisting of pineapples, mangoes, and dragon fruit.
Furthermore, cashew nuts and aquatic products also fell by 36.86% and 34.55%, respectively, compared to the first half of last year.
Strong export growth was recorded in products such as rice which went up by 90.48%, rubber products which rose by 65.87%, and coffee which recorded a climb of 34%.
Experts assessed that the Russia-Ukraine conflict which broke out at the end of February has made an impact on trade flows to Russia, a factor which has caused several export industries to plummet.
Some firms revealed that many export orders to Russia have been unfulfilled due to ongoing concerns about transportation and payment risks.
However, there were some signs of recovery recorded in June compared to previous months, particularly due to advantageous Vietnamese products such as seafood, cashew nuts, coffee, tea, and pepper experiencing a strong rebound
In contrast, Vietnamese import turnover from Russia during the first half of the year surged by 22.38% to US$1.08 billion, equivalent to US$216 million compared to the same period from last year.
