Vietnamese exports to China see positive growth in 11 months
VOV.VN - China is the only market among Vietnam’s major export markets to record positive growth during the 11-month period, according to the latest figures released by the Ministry of Industry and Trade.
Specifically, Vietnamese exports to this market reversed from a decrease of 2.2% to an increase of 6.2% in the reviewed period.
Several groups of agricultural products such as rice and fruits have taken full advantage of opportunities from China's market opening and rising prices as a means of boosting exports.
This was also the only product group to record growth throughout the reviewed period, representing a rise of 4.6% against the same period from last year.
With regard to international markets, while exports to the United States, the EU, the Republic of Korea (RoK), and Japan experienced a downward trajectory, exports to African countries, Eastern Europe, Northern Europe, and West Asia all saw significant rises.
The fall in exports in several key markets such as the US, the EU and the RoK gradually shrunk compared to the first half of the year.
Most notably, the country raked in a high export turnover of over US$30 billion per month from July to November, higher than the average of US$27.45 billion per month in the past six months of the year.
Although the nation’s exports in November failed to maintain its growth momentum compared to the previous month with export turnover dropping by 3.6% to US$31.08 billion from the previous month, the overall revenue increased by 6.7% compared to the same period from last year.
Industry insiders assessed that the overall recovery momentum will remains slow moving forward to the global economic downturn, especially from the first months of the year.
Therefore, Vietnamese overall exports from January to November are projected to decline by 5.8% to US$322.5 billion against the same period from last year.
However, the decline in exports continues to narrow significantly compared to the figure of 12% recorded in the first half of the year.
During the 11-month period, the total export turnover of processed industrial goods stood at an estimated US$274 billion, down 7% over the same period from last year.
Furthermore, garments and textiles and footwear exports continued to decrease by 11.1% and 6.4% respectively, while timber and wood exports increased slightly by 1.6%.