29-8-2023 (HANOI) According to government data released on Tuesday, Vietnam’s exports in August are believed to have declined by 7.6 percent year-on-year to $32.37 billion. However, the country’s industrial output for the same month increased by 2.6 percent.
Imports for August experienced an 8.3 percent year-on-year decrease, amounting to $28.55 billion. Consequently, Vietnam achieved a trade surplus of $3.82 billion, as reported by the General Statistics Office (GSO).
This monthly decline marks the sixth consecutive drop in exports for Vietnam, a nation heavily reliant on exports, particularly in the electronics and textiles sectors. The country is currently grappling with weakened global demand and tightening measures imposed by the U.S. Federal Reserve.
For the first eight months of this year, exports have fallen by 10 percent year-on-year to $227.71 billion, while imports dropped by 16.2 percent to $207.52 billion. These figures have resulted in an estimated trade surplus of $20.19 billion, according to the statistics office.
Vietnam’s industrial output in the January-August period decreased by 0.4 percent year-on-year, and consumer prices in August rose by 2.96 percent compared to the previous year.
