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Wednesday, November 30, 2022

Exports of Vietnam’s key items slump in September

By Le Hoang

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HCMC – September saw a drastic decline in Vietnam’s exports of several key items, according to data from the General Administration of Vietnam Customs.

Among the most affected were garments and textiles, whose exports in September dropped 31.9% over the previous month at US$2.72 billion.

Millwork exports declined 21% against August at US$1.11 billion while steel exports edged down 6.2% at US$429 million.

Goods produced by foreign-invested businesses or with great export value are getting the same fate.

Exports of mobile phones and components brought in US$5 billion, a drop of 18.1% over last month, while that of machinery and equipment plunged 7.7% at US$4.15 billion.

According to the customs agency, the export value in September slid 14.6% over August and generated US$29.82 billion.

Businesses attributed the situation to global economic uncertainties and runaway inflation, which has hit consumption. Things will not improve until the end of the first quarter of next year.

However, Vietnam maintained a high export value in the first nine months of this year. Exports rose by 17.2% to US$282.35 billion, while imports rose by 12.8% to US$275.58 billion, resulting in a trade surplus of US$6.76 billion.

Customs data showed that Vietnam’s total exports in the first three quarters of this year amounted to US$557.93 billion, up 15% year-over-year.

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