Vietnam's exports plunge in first quarter

May 03, 2023 | 22:11

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Vietnam's exports are down almost 12 per cent in the first four months of the year, with some sectors reporting declines of between 6 and 19 per cent.

Vietnam's exports plunge in first quarter

The statistics published by the General Statistics Office of Vietnam showed that from January to April, there were 20 sectors with an export turnover of more than $1 billion, accounting for almost 84 per cent of the country’s total. Five of these sectors alone have an export value of over $5 billion, equalling over 57 per cent of the total export turnover.

Notably, exports of mobile phones and associated spare parts were valued at $17.4 billion, a decrease of 17.3 per cent on-year. The export turnover of computers and parts was $16.13 billion, a drop of 8.8 per cent, while other machinery and equipment was valued at $13 billion, signifying a decrease of 6 per cent. Garments and textiles stood at $9.6 billion and footwear totalled $6.13 billion, representing a 19.3 per cent and 16.3 per cent fall respectively.

Overall, Vietnam's exports between January and April were down 11.8 per cent at $108 billion. The export value of foreign-invested enterprises was just under $80 billion, a decline of 12.1 per cent on year, while simultaneously accounting for almost 74 per cent of the total export value of the whole country.

According to experts, the high inflation rate has forced many countries to tighten their monetary policies, with no change expected until the second half of the year. In addition, the real estate and bond markets in many countries face a bleak outlook, leading to a decrease in purchasing power and the demand for goods from markets such as Vietnam.

The plunge in exports has also had a knock-on effect on imports. In the first four months of the year, the total import turnover of Vietnam was $102.2 billion, down 15.4 per cent on-year.

Vietnam-Korea trade turnover touches $80.5 billion

Bilateral trade turnover between Vietnam and South Korea reached $80.5 billion in the first eleven months of this year, exceeding the figure for all of 2021.

$8.8 billion of FDI into Vietnam in the first four months

Although total foreign direct investment (FDI) flows into Vietnam in the first four months decreased by 17.9 per cent on-year, both newly registered and share purchase capital was reported to raise.

Vietnam's IT and electronics sector reaching $70 billion in export turnover

Vietnam raked in approximately $77 billion from the export of phones, computers, electronic products, and spare parts during the past eight months of the year, according to the information published by the Ministry of Industry and Trade.