HANOI, 29 May (Xinhua) – According to figures released on Monday by the General Statistics Office (GSO), Vietnam's total exports decreased 11.6 percent from a year earlier to 136.17 billion dollars, while imports decreased 17.9 percent to 126.37 billion dollars.
The first five months of the year saw a 9.8 billion dollar trade surplus for Vietnam. The report revealed that Vietnam's trade surplus with the United States, its biggest export market, fell 22 percent to 31.2 billion dollars in the first five months from a year ago as weak global demand has hampered exports.
Furniture and timber items saw the highest decline among the top export earners for the nation, falling by 28.7% to roughly $5 billion. Smartphone sales dropped by 16% to $21.2 billion, while apparel and footwear saw declines of 17.8% and 13.3%, to $12 billion and $8.2 billion, respectively.
According to the
export import data, Vietnam's trade imbalance with China, its main trading partner, decreased 16.7% to $23.6 billion. The decreases in imports were closely correlated with a reduction in industrial activity as enterprises reduced their purchases of production-related raw materials and equipment.
According to the GSO, imports for domestic consumption, which make up about 6% of total imports, fell 12.7 percent during the period while roughly 94 percent of Vietnam's imports were used to buy raw materials and production equipment, which saw an 18.2% decline in the first five months of 2018 compared to a year earlier.
According to official statistics, imports of computers, electronic devices, and replacement parts plummeted 13.1 percent during the same time that inbound shipments of machinery, equipment, appliances, and components fell 14.6 percent.
The Southeast Asian nation has increased efforts to support its export-driven economy in an effort to keep economic growth at 6.5 percent this year. These efforts include lowering interest rates and removing, reducing, extending, postponing, or deferring some taxes and fees for manufacturers and businesses.
