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Vietnam export turnover down 5.3 percent

Reading time 1 min     Staff Writer | August 11, 2016
Vietnam’s total export turnover in the first seven months of the year was $96.83 billion, representing an annual increase of 5.3 percent.
Vietnam export
Trade in Asia   The declining export prices


 
This is according to Duong Duy Hung, director of the Ministry of Industry and Trade’s Planning Department.

The growth of total export turnover in this period was much lower than that of 9.2 percent in the same period last year, meeting only half the target.

Hung said that the total export turnover in July was $14.7 billion, 0.2 percent less than the previous month. July exports by the agro-forestry and fishery sector rose only 0.1 percent from June.

In addition, the processing industry has not maintained its high growth rate of previous years, with a turnover drop of 0.9 percent compared to June.

“The declining export prices have been the main reason for the decrease of the manufacturing sector,” he said.

The country’s import turnover last month was also 1 percent lower than June’s. In the January-June period, the total import turnover reached $95.03 billion, posting a 0.9 percent year-on-year decrease.

Vietnam saw a trade surplus of $1.8 billion in the first seven months of 2016, equal to 1.9 percent of the total export turnover.

Deputy minister Hoàng Quoc Vuong said the country would be hard pressed to meet the targeted export growth rate of 10 percent for the whole year barring breakthrough solutions.

 

 

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