Vietnam’s total import-export turnover this year as of May 15 has been estimated at $230.59 billion, a year-on-year decline of 15.4 per cent, figures from the General Department of Vietnam Customs show.

Exports were $118.58 billion, down 12.8 per cent year-on-year.

Products suffering sharp declines included telephones and spare parts, garments and textiles, and wood and wooden products.

The FDI sector posted total trade value of $160.26 billion, a year-on-year fall of 15.1 per cent.

Imports, meanwhile, were $112.01 billion in the period, falling 18 per cent year-on-year. The trade surplus so far this year stands at $6.57 billion.

Explaining the fall in exports, Deputy Minister of Industry and Trade Do Thang Hai told the ministry’s recent regular press briefing that major economies, especially export partners of Vietnam such as the US and the EU, have cut spending on regular and luxury products, causing orders to fall, while local industrial production depends on exports and the global market.

A reduction in prices for export products is also behind lower export revenue, according to Mr. Hai.

He warned that Vietnam’s production and exports will continue to be affected by difficulties in the global economy in the months to come. Recovery in global consumption demand, meanwhile, is also slow. China’s reopening will also increase competitiveness in export markets for Vietnam.

VnEconomy