Analyst Pin-board Trade growth weakened in Jul 2022
- Trade growth weakened in Jul 2022.
- Exports had a divergence in growth in both product groups and markets.
- Imports of raw materials continued to decline sharply.
Trade growth weakened in Jul 2022
Vietnam's trade activity recorded a sharp decline in growth in Jul 2022. Compared to the previous month, export and import turnover decreased by 6.8% and 5.3%, respectively. Over the same period, export turnover only increased by 9.9%, significantly lower than the increase of 20.7% in Jun; import turnover increased only 4.2%, lower than the increase of 15.8% in the previous month. Accumulated 7M2022, Vietnam's exports and imports increased by 16.6% yoy and 14.0% yoy, respectively.
Export growth declined in both FDI and domestic sector. Specifically, exports of FDI sector only increased by 11.8% over the same period in Jul, while exports of domestic enterprises only increased by 4.9% over the same period. Along with that, import growth slowed faster than exports in the past month. Imports of FDI and domestic sectors only increased by 5.5% and 1.9% over the same period, respectively. This helped the trade balance to have a slight surplus in Jul at US$74 million. In 7M2022, the trade balance had a surplus of US$1.3 billion, compared to a deficit of US$3.0 billion in the same period in 2021.
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