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Vietnam Oct exports up 5.9%, industrial output rises

Vietnam Oct exports up 5.9%, industrial output rises

Sunday, October 29, 2023, 11:50 GMT+7
Vietnam Oct exports up 5.9%, industrial output rises
Workers work at a textile factory in Vietnam. Photo: Quang Dinh / Tuoi Tre

HANOI -- Vietnam's exports and industrial output rose in October from a year earlier, showing signs of a gradual economic recovery in the country which is highly sensitive to swings in global demand, government data released on Sunday showed.

Exports in October rose 5.9% from a year earlier to $32.31 billion, with imports also witnessing a rise of 5.2%, the statistics office said in a report.

However, amid lower global demand for goods, in the first ten months of the year, Vietnam's exports fell 7.1% from a year ago to $291.28 billion, while imports decreased 12.3% from a year earlier to $266.67 billion, with an estimated trade surplus of $24.61 billion over that period, it said.

Industrial output of Vietnam, a manufacturing centre for major global electronics and clothing brands, rose 4.1% in October from a year earlier, the agency said in a report, with output from manufacturing rising 4.9%.

That was an acceleration from September when industrial output increased by an annual 2.9%, according to the latest data, which however was revised from a previous 5.1% reading.

On Friday, official data showed foreign investment in Vietnam surged in October as the country attracted more than double the average monthly financial pledges it has received this year, amid a big boost in spending for new plants.

According to the statistics office, October consumer prices rose 3.59% from a year earlier.

Reuters

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