In May, tensions in the East Sea gave rise to riotous protests of workers in Binh Duong and Dong Nai provinces, which disrupted production of FDI companies. As a result, May export turnover was a little lower than that of April, especially in manufactured goods.
Exports to China soar 23.7 percent
Shipments to China were not much affected by political tensions between the two countries.
From January to May, import and export turnover of domestic businesses expanded considerably. They saw export growth of 11.9 percent and import growth of 7.2 percent year on year in the reporting duration.
Vietnam’s exports to the United States soared 22.6 percent year on year and accounted for 18.4 percent of the country’s earnings. Shipments to the European Union increased 14 percent and accounted for 18.4 percent of the total. The ASEAN market saw a slight decline in exports from Vietnam, but still made up 12.8 percent of Vietnam’s export earnings. Shipments to Japan increased 12.6 percent and contributed 10.2 percent to Vietnam’s total earnings.
Falling prices caused the export turnover of agricultural products to fall by US$216 million, but boosted earnings from fuels and minerals by US$212 million.
Export revenue of agricultural, forest and aquatic products climbed 12.7 percent year on year thanks to well performing seafood, coffee, pepper, fruits and vegetables.
Manufactured products continued to be the largest contributor to export turnover. Shipments of these items leaped 17.6 percent from a year earlier and generated 72.4 percent of total export takings of Vietnam. Meanwhile, fuels and minerals shrank 3.5 percent.
The foreign-invested sector maintained high growth rate and contributed most to the country’s export incomes. The country saw an increase of US$7.8 billion in export revenue and this sector contributed US$5.7 billion (excluding crude oil), or 73 percent. Big, fast-growing exports were mainly manufactured by the FDI sector. Foreign-led firms earned 99 percent of phone and parts exports, 98 percent of computers and electronic devices, 77.7 percent of footwear, 60.4 percent of garment and textile, and 99 percent of cameras.
Imports effectively controlled
Imports by FDI enterprises rose 11.4 percent in the first five months of 2014, higher than the country’s average of 9.6 percent, because their inputs relied on foreign suppliers. The spending on imports increased US$4.97 billion from a year earlier in the reporting period, of which FDI firms contributed US$3.34 billion. Key imported items by FDI firms include phones and parts (accounting for 86.5 percent of the nation’s spending on the items), computers and electronic products (92 percent); fabric (61.3 percent), materials for apparels, leather and footwear (69.4 percent).
The spending of FDI firms on inputs for consumer goods production for domestic and export markets also accounted for 88.6 percent of total imports. Declining prices helped boost imports.
Vietnam effectively controlled the importation of discouraged products. However, the import turnover on mobile phones and automobiles of nine seats or fewer climbed substantially from a year ago.
Huong Ly
Vietnamese
