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

By Bui Hong Nhung   May 9, 2016 | 02:23 pm GMT+7
Vietnam’s exports to ASEAN slide following establishment of regional economic community

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. 

 
 
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