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Monday, July 22, 2024

The export rebound

By Tue Nhien

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Vietnam’s external trade, which ebbed in the first half of this year, has shown signs of rebounding recently, raising hopes of a sharp turnaround in the rest of this year High expectations Data from the General Department of Vietnam Customs shows Vietnam fetched US$32.37 billion in export earnings in August, which is a new high for a month in the past one year and marks the fourth consecutive month of increase. Specifically, the export value rose by 0.4% in May against April, before leaping 5% in June against the preceding month, 2.1% in July, and 7.6% in August. The domestic economic sector obtained US$8.43 billion in export revenue in August, rising by 8.7% against July, while the FDI sector earned US$23.94%, an increase of 7.3%. In January-August, the merchandise export value totaled US$227.71 billion, narrowing down the year-on-year contraction to 10% while the reduction was 12% in the year’s first half. Such a performance showed positive signals of a trade recovery, when the purchasing power of the country’s major trade partners improved and the consumer confidence was restored. It is also noteworthy that import spending has also increased recently, with major imports being materials as inputs for domestic production, indicative […]
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