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Saturday, July 13, 2024

Vietnam’s exports fall further in first half of May

The Saigon Times

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HCMC – Vietnam reported only US$23.9 billion in foreign trade in the first half of May, down 10.8% from the second half of April, official data showed.

Exports plunged 21.3% from the second half of April to US$11.5 billion, which is US$988 million lower than import spending.

The falling export value was attributed to significant declines in key product groups, such as computers, mobile phones, electronics and components, iron and steel, and apparel.

Still, Vietnam enjoyed a trade surplus of some US$6.6 billion in the year through May 15, though total trade plummeted 15.4% year-on-year to US$230.6 billion. Foreign-invested companies contributed US$160.3 billion to the total, down 15.1% year-on-year.

During the period, Vietnam’s goods shipments abroad totaled US$118.6 billion, down 12.8% from the year-ago period, and over US$112 billion was spent on imports, a drop of 18% compared to the same period in 2022.

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