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Friday, February 23, 2024

Exports to major markets, bar China, down in Jan-Nov

The Saigon Times

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HCMC – Vietnam is grappling with a downturn in exports to major markets like the U.S., the EU, Japan, and South Korea, with China being the only exception.

Data from the Ministry of Industry and Trade showed China’s imports from Vietnam rose by 6.2% in January-November, a significant improvement from a 2.2% dip recorded in the same period last year.

Despite a 13.1% decline, the U.S. remained the largest export market for Vietnam during this period, with a total value of US$88 billion, making up 27% of Vietnam’s total export revenue.

Meanwhile, exports to other significant markets contracted, including an 8.1% decrease in exports to the European Union (at US$39.9 billion) and a 6.2% drop in shipments to Southeast Asian countries (at US$29.4 billion).

Exports to South Korea edged down by 4% to US$21.5 billion, while exports to Japan decreased by 4.3%, totaling US$21.2 billion. However, the rate of export contractions to these key markets has been narrowing in recent months, indicating a potential recovery in the second half of the year.

In the 11-month period, 33 product categories generated more than US$1 billion in exports each. Among these, agricultural products, rice and fruits stood out, registering 4.6% year-on-year growth.

Overall, foreign trade revenue from January to November amounted to US$619.17 billion, an 8.3% decrease versus the same period last year. Vietnam gained a trade surplus of US$28.8 billion during this time.

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