MOIT FORECASTS DIFFICULT EXPORT ACTIVITIES AT YEAR-END

In the context of the world’s economic slowdown and increasing prices, it is difficult for export activities  to surge sharply as they did in the same periods in 2017 and 2018, the Ministry of Industry and Trade (MoIT) reported.

The MoIT reported that export turnover was estimated at US$ 24.5 billion in August, representing a year-on-year growth of 6.6% including US$ 7.34 billion of the domestic sector (down 4.9%) and US$ 17.16 billion of the FDI sector (up 12.4%).

Some exports earned higher month-on-month turnovers including coal (up 103.6%) and mobile phones and spare parts (up 37.8%).

In the first eight months, export turnover was estimated at US$ 169.98 billion, up 7.3% against the same period last year.

Deputy Minister of Industry and Trade Do Thang Hai said that the 7.3% growth rate was lower than that in 2017 and 2018 (with 19.9% and 16.7%), showing great effort and positive signals amidst complicatedly developments in the global economy.

Mr. Hai said that in the rest of the year, enterprises would boost production especially mobiles and televisions in response to high demands. Export turnover in Q3 was forecast to be higher than that of Q2.

In addition, overseas shipment to the U.S. market was projected to be positive as importers are seeking alternative commodities for Chinese ones.

However, the MoIT forecast that export turnover would not increase unexpectedly due to the impacts of the trade disputes between the U.S.-China and Japan-the RoK, and price decline of yuan to the dollar.

Source: VGP