Vietnam January-September exports down 8.5% as global demand remains weak

VIETNAM’S exports fell 8.5 per cent to US$258.97 billion in the first nine months compared to last year, government customs data showed on Tuesday (Oct 10), as weak external demand continued to weigh on its manufacturing-led economy.

Imports in the January-September period fell 14.0 per cent to US$237.33 billion, resulting in a trade surplus of US$21.64 billion, the Customs Department said in a report.

September exports fell 6.3 per cent from August to US$30.68 billion and imports dropped 2.9 per cent to US$28.48 billion, the department said.

Exports of smartphones, Vietnam’s top export earner, fell 13.7 per cent in the January-September period to US$38.92 billion.

Shipments of garments fell 13.6 per cent to US$25.10 billion, according to the report.

The subdued demand tracks that of other regional export economies and has seen economists cut growth forecasts for Vietnam.

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It reported gross domestic product growth of 5.33 per cent in the third quarter this year, much slower than the low-base growth of 13.71 per cent in the same period of 2022, short of the full-year target of 6.5 per cent.

The International Monetary Fund last month forecast growth this year of 4.7 per cent for Vietnam, while the Asian Development Bank this month cut its forecast to 5.8 per cent expansion from 6.5 per cent predicted in April, though still the fastest-growing country in South-east Asia. REUTERS