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Thursday, June 13, 2024

Vietnam’s foreign trade plunges in April

The Saigon Times

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HCMC – Vietnam’s foreign trade continued trending down in April, with export revenue and import spending plunging 17.1% and 20.5% over the same period last year, respectively, showed official data.

Figures from the General Statistics Office (GSO) showed that export revenue in April totaled US$27.54 billion, down 7.3% against March and 17.1% versus last April.

The export value from January to April dropped 11.8% year-on-year to US$108.57 billion. Processed and manufactured goods contributed US$96.1 billion, or 88.5%, to the total exports.

According to the Ministry of Industry and Trade, key export commodities such as electronics, computers, mobile phones, accessories, and apparel decreased in the first quarter. It attributed the steep fall in export revenue to rising inflationary pressure, trade defense inquiries imposed on Vietnamese goods, and weak demand in the global market, especially for non-essential products.

“The prices of export products remained unchanged despite a strong surge in input material costs, forcing manufacturers to accommodate a stop-go production policy to mitigate risk,” the ministry said.

Meanwhile, import revenue in April dropped 8.1% versus the previous month and 20.5% compared to the year-ago period, at US$26 billion. The figures stood at US$102.2 billion from January to April, down 15,4% over the same period last year. Input materials for production accounted for 93.6% of the total, at US$95.64 billion.

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