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Sunday, July 21, 2024

July exports drop 7.7%

The Saigon Times

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HCMC – Vietnam’s export revenue in July dipped 7.7% against the previous month to US$30.3 billion. Weaker sales of a wide range of commodities, including agro-forestry-fishery products and processed and manufactured items, led to the overall export fall.

According to data from the Ministry of Industry and Trade, the group of agricultural, forestry and fishery products saw a drop of 7.4% in export value.

Most agricultural exports decreased, except vegetables and rubber. Fertilizer export sales suffered the sharpest drop, at 33.3%

However, the total revenue of this group was US$18.23 billion in the first seven months, up 15% compared to the same period last year, accounting for 8.4% of the country’s total export value.

In terms of processed and manufactured goods, the export revenue dropped by 7.2%. The value of computers, electronic products and components fell by 22.6%, iron and steel exports plummeted by 23.3%, while the revenue of cameras, camcorders and accessories dipped by 15.4%.

Similar declines in exports were seen for other goods, including fiber and yarn (16.4%), wood and wood products (7.5%), footwear (2.7%), and electric wires and cables (2.3%).

Only textiles and garments had a modest gain, up 0.4%.

Still, in the January-July period, the exports of processed and manufactured products reached US$185.8 billion, up 16.1% versus the same period last year, accounting for 85.9% of the total exports.

Fuel and mineral exports saw the highest growth, at 116.9% year-on-year.

The export revenues of petroleum and coal, ore, and other minerals picked up sharply due to the high prices of these product lines, with the export value of crude oil soaring by 57.4%, petroleum surging 53% and ore and other minerals rising by 13.2%.

Vietnam’s exports had totaled US$216.35 billion this year to the end of July, a 16.1% year-on-year rise.

The United States was still Vietnam’s largest export market with a value of US$66.7 billion, up 23.7%. It accounted for 30.8% of the country’s total exports.

China and Europe were Vietnam’s second and third biggest buyers, with export revenues reaching US$30.42 billion and US$27.67 billion, respectively.

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