Global inflation causes key Vietnamese exports to plunge
VOV.VN - Between the beginning of the year and mid-February Vietnam’s exports decreased by 9.2% to US$37 billion against the same period from last year due to rising inflation in major markets globally, according to the latest statistics compiled by the General Department of Vietnam Customs.
Vietnamese export turnover of goods in the first half of February reached US$13.4 billion, bringing the country's exports from January 1 to February 15 to US$37 billion, a decline of US$3.75 billion compared to the same period from last year.
Most notably, some of the country’s key commodity export groups showed signs of a sharp fall such as textiles and garments down by 19.7%, timber and wood products down by 35.6%, computers, electronic products and components down by 10%, and iron and steel of all kinds down by 34.8%.
Meanwhile, the country’s total import value throughout the January 1 – February 15 period also fell by 18% to US$35.3 billion compared to the same period from last year.
A strong decline was recorded in a number of commodity groups, such as phones of all kinds and components, other machinery and equipment, tools and spare parts, computers, along with electronic products and components.
Vietnam’s import-export activities had brought in US$72.3 billion since the beginning of the year to February 15, a fall of US$11.5 billion year on year.
Overall, the country's trade balance witnessed positive signs with the trade surplus reaching US$1.7 billion compared to the deficit of US$2.5 billion recorded in the same period from last year.
Last year saw Vietnam gross more than US$371 billion from exports. The county aims to earn between US$393 and US$394 billion from exports this year, an annual increase of about US$22 billion.