Tuesday, January 25, 2022
HomeBreaking NewsVN exports going strong while Indonesian exports fumble

VN exports going strong while Indonesian exports fumble

Ninh_Hòa_salt_production_-_altVietnam’s exports continue their solid growth, with some 13 commodities shooting past the US$1 billion sales mark in the first five months of 2016, according to a report by VGP News.

Vietnam registered an export turnover of US$67.44 billion in the first five months of the year, up 6.2% compared to the same period last year, while the import value amounted to $65.80 billion, down 1.7%, the state-run news agency said.

The Southeast Asian nation’s two-way trade value reached $133.25 billion in the first five months of 2016, with a surplus of $1.64 billion.

Up to 13 commodities reportedly breached the $1 billion line during the period January to May, with phones and accessories shooting past the $10 billion mark with exports worth $14.25 billion, up 19.1%.

Other top earners included garments with $8.623 billion in exports, up 6.4%; computers, electronics and spare parts with $6.38 billion, up 6%; footwear with $5.05 billion, up 8%; and machines, equipment and tools with $3.63 billion, up 16.1%. Gemstones saw the highest export growth for the  period, surging 58.7% to reach $391 million.

Indonesia’s export sales dip

On the other hand, Indonesia’s exports fell 9.75% to US$11.51 billion in May, or the 20th straight month of decline, while imports fell 4.12% year-on-year to $11.14 billion, according to statistics from the Central Statistics Agency (BPS). The trade balance showed a surplus of $375.6 million.

Indonesia’s export performance was dragged down by low commodity prices amid weak global demand and sluggish global growth. Falling exports curtail both Indonesian people’s purchasing power and Indonesian companies’ investment plans, hence, imports continue to fall accordingly, said reports.

In the January-May 2016 period, Indonesia’s exports were valued at $56.59 billion, down 12.82% year-on-year, while imports stood at $53.89 billion, a 11.61% decline, BPS chairman Suryamin said.

Indonesia recorded a surplus of $2.7 billion in foreign trade in the first five months of this year.

“However, the surplus in the January-May 2016 period is lower than the same period last year when it reached US$3.9 billion,” Suryamin told local media.

The Southeast Asian country’s exports in the first five months were made up of oil and gas products worth $5.3 billion and non-oil/non-gas merchandise worth $51.2 billion,

Non-oil/non-gas exports in the first five months of 2016 fell 5.35%, and the export of other minerals declined by 26.91% compared to the same period last year.

Imports consisting of oil/gas exports were valued at $6.9 billion, while non-oil/non-gas imports amounted to $46.96 billion.

Photo: Original: [Tycho] talk, Ximonic (talk), Simo Räsänen

LEAVE A REPLY

Please enter your comment!
Please enter your name here

six − six =

- Advertisment -

Most Popular

- Advertisment -