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Vietnam's exports, industrial output contract

Vietnam's exports, industrial output contract

Monday, May 29, 2023, 11:32 GMT+7
Vietnam's exports, industrial output contract
Shipping containers at a port in the city of Hai Phong, Vietnam. Photo: Reuters

Vietnam's exports in the first five months of this year fell 11.6% from a year earlier to $136.17 billion, government data showed on Monday, as weakened external demand weighs on its manufacturing-led economy.

Its industrial output in the January-May period fell 2% from a year earlier, the General Statistics Office (GSO) said in a report, adding that average consumer prices in the period rose 3.55% from a year earlier.

The latest data underlines a slowdown in economic growth for Vietnam, a key regional manufacturing center, due largely to subdued global demand.

Vietnam is targeting growth of 6.5% this year, slower than the expansion of 8.02% in 2022.

Imports in the first five months of this year fell 17.9% from a year earlier to $126.37 billion, resulting in a trade surplus of $9.8 billion, the GSO said.

The sharp imports decline could indicate a further slowdown ahead in industrial production, as businesses reduce procurement of raw materials and equipment.

Vietnam is a key exporter of electronics, garments and textiles, footwear and wooden items, including for top global brands.

Exports in smartphones, Vietnam's largest export earner, fell 16% in the January-May period to $21.17 billion, the GSO said.

In May, its total exports fell 5.9% from a year earlier, while imports were down 18.4%, the GSO added.

Earlier this month, Deputy Prime Minister Le Minh Khai said the economy would face unfavorable external conditions this year, citing weak global demand and geopolitical uncertainty.

Vietnam's gross domestic product growth slowed to 3.3% in the first quarter from an expansion of 5.9% in the fourth quarter of last year.



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