Vietnam’s exports to ASEAN slide following establishment of regional economic community

By Bui Hong Nhung May 8, 2016 | 11:23 pm PT

Vietnam's export value to its fellow ASEAN countries in the first quarter of 2016 fell 13.4 percent compared to the same period last year to stand at $4.01 billion. This comes following the establishment of the ASEAN Economic Community (AEC) in December 2015, data from Vietnam Customs showed.

Vietnam’s imports from its neighboring countries reached an estimated $5.73 billion, up 6.3 percent on year and resulting in a trade deficit of $1.72 billion.

Rice and seafood remained Vietnam's key export products. Over the first three months, rice export value jumped 72 percent on year to touch $262 million amid falling output due to the prolonged drought. Seafood followed the same trend with an on-year increase of 16.8 percent to touch $122 million. Materials for the footwear and garment industries also rose by 17 percent to $102 million.

Import value of some products saw significant growth over the first quarter of 2016. Machinery and spare parts had the largest import value at $434 million, up 9.3 percent on year, while trucks recorded the highest growth of 87.6 percent to $152 million. Electric appliances and components also increased 36.3 percent in value to reach $322 million.