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Exports suffer worst slump ever

The increase and decrease in exports of five months in the 2005-2023 period compared to the same period last year.

According to data recorded over the past 20 years, exports in the following year tend to be higher than the previous year, exports recorded the peak in the five months of 2021 with more than US$31 billion year-on-year and in the five months, the exports also see a year-on-year rise of nearly US$23 billion.

However, exports of goods in the first five months of 2023 fell sharply to US$18.8 billion year-on-year. According to newly released data from the General Department of Customs, the total export turnover of Vietnam's merchandise in the first five months of 2023 only reached US$135.22 billion.

This is the largest decline ever, reducing nearly 14 times compared to the decrease in the same period in 2009 – the year of strong economic recession and reducing more than 21 times compared to the decrease in the five months of 2020 when the Covid-19 pandemic broke out, affecting the global economy.

In terms of the business sector, the exports by foreign direct investment (FDI) enterprises in the first five months of the year fell by US$13.78 billion and the exports of domestic enterprises fell by US$5.1 billion.

Specifically, export turnover of FDI enterprises fell 12.2% to US$98.9 billion; and domestic enterprises fell 12.3% to US$36.3 billion.

Export turnover of six commodity groups saw a decline of over US$1 billion in the first five months of 2023.

In terms of export groups, there are six groups recording a drop of US$1 billion or more in the first five months of this year.

They are, phones and components decreasing by US$5 billion; textile and garment US$2.3 billion; wood and wood products US$2.1 billion; computers, electronic products and components US$2 billion; footwear of all kinds US$1.38 billion; and seafood US$ 1.31 billion.

The above six commodity groups alone have sea a decline of US$14.1 billion in exports year-on-year.

Regarding the market, in the first five months of the year, the United States, China, EU, ASEAN, South Korea and Japan were the six largest export markets for Vietnam's goods.

In which, the United States recorded US$36.3 billion, down US$9.9 billion; China US$20.3 billion, down US$1.4 billion; EU recorded US$17.8 billion, down US$1.9 billion; ASEAN US$13.5 billion, down US$1.1 billion; Korea US$9.2 billion, down US$1.1 billion; Japan US$9.1 billion, down US$0.2 billion.

Thus, along with key commodity groups, the largest markets of our country's export goods are also in a gloomy state of negative growth.