Vietnam’s exports plunged as the global coronavirus outbreak

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. Bloomberg reports.

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.

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