Exports plunge in September

The plunge was due to a decline in key export products like telephones and components (down 17.4% to US$506 million), footwear (down 18.2% to US$200 million), garment (down 7.1% to US$175 million), and coffee (down 21.4% to US$57 million).

Thus, total export value in the first nine months this year rose 6.7% to US$128 billion, of which the domestic sector was up 5% to US$37 billion and the foreign direct investment (FDI) sector (including crude oil) increased 7.4% to US$91.1 billion.

In the period, exports of some key agricultural products and raw materials dipped, for example, rice (down 16.3% in volume and 12.4% in value), cassava and cassava products (down 11.4% in volume and 24.8% in value), and crude oil (down 25% in volume and 43.3% in value).

The GSO also reported that the country’s imports inched up 1.3% to US$125.4 billion, of which the FDI sector made up US$74 billion and the domestic sector accounted for US$51.4 billion.

In general, Vietnam enjoyed a trade surplus of US$2.7 billion in nine months up to October. The FDI sector obtained a trade surplus of US$17.1 billion while the domestic sector suffered a trade deficit of US$14.4 billion.