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Vietnam's exports fall for 5 straight months, first time in 14 years
Aug 04,2023
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Vietnam's Bureau of Statistics released the latest economic data on the 29th. Exports fell 3.5 percent and imports fell 9.9 percent in July, the fifth consecutive month of decline in exports, the longest consecutive decline in Vietnam in 14 years. For Vietnam's trade-dependent economy, continued weakness in exports will make it difficult to achieve the national economic growth target.
Vietnam's statistics bureau said exports fell 10.6 percent from January to July compared with the same period last year, mainly due to the global economic downturn and weak domestic demand. In addition, from January to July this year, compared with the same period last year, import also fell by 17.1, industrial output fell by 0.7, the overall inflation rate was 2.06, and the core inflation rate was 4.1. The export of smartphones, Vietnam's most dependent export product in the past, fell by as much as 18.3 from January to July this year. All kinds of data show that the development momentum of Vietnam's manufacturing industry has slowed sharply.
To make matters worse, according to Bloomberg News, economists had expected Vietnam's exports to decline by 6% and imports by 13.1 in July. The data released by Vietnam's Bureau of Statistics have been far better than experts' expectations. But this raises questions about the falsification of Vietnamese government data,The Nikkei News has previously reported that many Japanese companies are worried about the Vietnamese authorities' statistical irrigation and warned that false data may cause an Asian version of the Lehman crisis.
Bloomberg reported that due to the steady performance of inflation, the Central Bank of Vietnam has more room to further cut interest rates to support enterprises. The Vietnamese government stressed that the goal of 6.5 per cent economic growth this year may be difficult to achieve, but it will still take a number of measures to stimulate the economy.
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