Exports down 12% in four months

Some $96.1 billion, or 88.5% of the turnover, came from processed industrial products.

In April alone, exports dropped by 7.3% against March, and by 17.1% against April 2022, for a total of $27.54 billion.

According to the Ministry of Industry and Trade, exports from many key industries – including electronics, computers, phones, phone components and textiles – dropped in the first quarter of this year.

Early last week, the ministry said the decrease in production and exports stemmed from high inflation and weaker demand, especially for non-essential goods, from foreign markets.

Along with that, many countries applied trade remedy investigations. “The cost of input materials has become higher, while export prices have not increased, which has reduced the competitiveness of Vietnamese products, and prompted enterprises to moderate production to avoid risks,” the ministry reported.

Vietnam spent $102.22 billion importing goods for production, mainly materials and tools, in the first four months of this year, posting a year-on-year decline of 15.4% and leaving a trade surplus of $6.35 billion, or $4 billion more than over the same period last year.

The domestic economic sector posted a trade deficit of more than $8 billion, while the foreign-invested sector saw a surplus of nearly $14.4 billion.

In early April, Prime Minister Pham Minh Chinh asked local industries and authorities to simplify administrative procedures to create easier access to capital and more favorable conditions for businesses to facilitate exports, investment, and consumption.