In global trade, understanding and analyzing import and export data is crucial.This article explains in detail Vietnam’s first five months of import and export data, as well as the ongoing decline in export prospects.

d) Export data

According to data released by the National Bureau of Statistics, Vietnamese exports fell 11.6 percent in the first five months of this year to $1361,7 billion, with exports falling 5.9 percent in May, a fourth consecutive month.

Weak external demand

The data showed that as Vietnam’s largest export commodity, mobile phones and their accessories declined by 16% compared to the first five months of the year to $211,7 billion.

Imported data

Vietnams imports amounted to $1263,7 billion from 1st to 5th of this year, down 17.9% compared to the same year; imports fell 18.4% compared to May. A sharp drop in imports may indicate a further slowdown in industrial production as enterprises reduce sourcing of raw materials and equipment.

Low export prospects

The Bureau of Statistics said: “We believe that the slowdown in global growth, including the weakening momentum of China’s economic recovery, means that the downward outlook for Vietnam’s exports will continue, shadowing the prospect of a rebound in GDP growth.”

Objectives of economic growth

Despite the pressure of rising global interest rates, Viet Nam’s deputy prime minister Chen Cheng said that Vietnam would not change its target of 6.5% year-round economic growth.