Vietnam July exports post 5th straight increase, led by U.S. demand

30, Jul. 2019

HO CHI MINH CITY, NNA - Vietnam's exports posted a fifth consecutive month of year-on-year gains in July, as continued strong exports to the U.S. more than offset slowing demand in China.

The General Statistics Office of Vietnam released the latest trade data on Monday.

Key points:

―― Exports increased 9.3 percent from a year earlier to $22.6 billion in July, led by higher shipments of electronic products and parts (+19.0 percent), textile goods (+11.2 percent) and footwear (+15.9 percent).

―― Telephones and phone parts, the largest export category, slipped 1.9 percent, as global demand for smartphones remained sluggish. Shipments of steel dropped 29.3 percent.

―― Imports grew 5.0 percent to $22.4 billion, marking a 15th straight monthly increase, led by electronic products and parts (+19.5 percent).

―― In the January-July period, exports rose 7.5 percent to $145.13 billion, while imports climbed 8.3 percent to $143.34 billion.

―― In the first seven months of the year, exports to the United States jumped 25.4 percent, while those to the European Union edged up 0.4 percent. Shipments to China increased just 0.1 percent.

Takeaway:

―― The U.S.-China trade dispute is slowing global growth and some manufacturers are shifting factories from China to Southeast Asia to avoid higher U.S. tariffs, which is giving some support to Vietnam’s exports in the short term. But as China’s economy slows down, the prospects for global and Asian growth remain uncertain.