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Monday, January 24, 2022

Imports of computers, electronics hit record high

By Le Hoang

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HCMC – Vietnam had spent over US$64 billion importing computers, electronic products and components in the year to mid-November, the highest-ever import value of a single group of products in the country so far.

Statistics from the General Department of Vietnam Customs indicated that in the first half of November, the country imported some US$4 billion of computers and electronic components and products, raising the total import value of these products from January to mid-November to US$64.2 billion, up US$10 billion or 18.2%, year-on-year.

Vietnam ramped up the import of these products from China, South Korea and Taiwan, which are the country’s largest suppliers of computers and electronics, according to the customs department.

Between January and October, Vietnam spent over US$17.4 billion on computers and electronics from China, up 23.7% year-on-year, while the import of these products from South Korea and Taiwan rose by 15.2% and 25.8% year-on-year at US$16.2 billion and US$7.8 billion, respectively.

On the export side, in the year to mid-November, the country had exported US$42.9 billion of computers and electronics, up US$4.7 billion year-on-year, making this group of items the country’s second largest earner, after phones and phone parts.

Vietnam mainly exported computers and electronic products to the United States, Europe and China.

Given the import and export value of computers and electronics, Vietnam ran a trade deficit of US$21.3 billion during the period.

The country’s import turnover of these items is expected to reach US$70 billion at the end of the year, while its export revenue might amount to US$50 billion.

Analysts said that in 2021, the electronics sector would grow strongly due to the high consumption of items to serve online learning and working during the social distance period amid Covid.

A representative of the Import-Export Department under the Ministry of Trade forecast that Vietnam’s export of computers and electronic items this year would rise by 13.5% year-on-year as the Covid pandemic has forced many computer and electronic producers worldwide to close down.

In the year to mid-November, Vietnam’s total import-export value had amounted to US$569 billion, up 22.7% year-on-year, with the import value recorded at US$284.6 billion, up 28% year-on-year.

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