Export revenue drops in October

Export revenue in October topped US$20.8 billion, a drop of 1.5% from the previous month, but increasing 2.3% compared to the same period last year, according to the Ministry of Industry and Trade.

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In the month, export earnings of the domestic sector posted a 1.5% increase on a monthly basis to US$5.6 billion, while that of the foreign-invested sector decreased 2.6% to US$15.17 billion. 

Meanwhile, import turnover in the month totalled US$20.7 billion, up 6.1% from last month and 13.6% from one year ago. 

The country enjoyed a trade surplus of US$100 million in October. 

Total export revenues for the January-October period came to US$200.3 billion, up 14.2% year on year.

Import value for the 10-month period stood at US$193.84 billion, up 11.8% from the same period of 2017, translating into a trade surplus of US$6.4 billion. The domestic sector reported a deficit of US$20.7 billion while the foreign-invested sector posted a surplus of US$27.1 billion (including crude oil).

Statistics revealed that export staples that continued to post increases in earnings included telephones and parts, textile-garment, electronics, computers and parts, machinery and tools, and footwear. 

Export of some farm produce and aquatic products also rose, except for coffee and pepper bean which earned less compared to the same period last year despite higher shipments due to declining export prices. 

The Ministry of Industry and Trade forecast that export turnover of the entire 2018 could reach US$239 billion, an increase of 10-12%. The manufacturing and processing sector is expected to bring home US$196.18 billion, rising 12.5%, while agriculture and fisheries are predicted to earn US$27.5 billion, up 5.4%.


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