Vietnam Customs Exports Plunge 17.4% as Coronavirus Spreads

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Vietnam’s exports plunged in January, with shipments to the U.S. falling 7.3%, as the global coronavirus outbreak hindered trade activities, according to data released from the Hanoi-based General Department of Vietnam Customs.

Key Highlights

• Exports slumped 17.4% in January from the same time last year
• Imports dropped 13.7% in January from a year ago, with shipments from China falling 16%
• Concerns over the spread of the novel coronavirus have caused Vietnam’s government to limit cross-border trade with China and suspend all flights to and from China. The economy could slow to as low as a 6.09% annual pace this year if the epidemic is under control in the second quarter, Mai Tien Dung, chairman of the government office, said in Hanoi last week

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• Customs trade data show slightly worse conditions than figures released by the General Statistics Office of Vietnam, which reported that exports declined 14.3% in January while imports fell 11.3%. February data are due close to the end of the month
• Vietnam Sees Virus Slowing Economic Growth to as Low as 6.09%

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