Vietnam Oct exports up 5.9%, industrial output recovers

Nikkei Wednesday | 11/01/2023 10:43

Industrial output of Vietnam, a manufacturing centre for major global electronics and clothing brands, rose 4.1% in October from a year earlier. Photo by Nikkei Asia.

Vietnam's exports and industrial output rose in October from a year earlier, showing signs of a gradual economic recovery in the countrywhich is highly sensitive to swings in global demand.

Exports in October rose 5.9% from a year earlier to $32.31 billion, with imports also witnessing a rise of 5.2%, the statistics office said in a report.

However, amid lower global demand for goods, in the first ten months of the year Vietnam's exports fell 7.1% from a year ago to $291.28 billion, while imports decreased 12.3% from a year earlier to $266.67 billion, with an estimated trade surplus of $24.61 billion over that period, it said.

Industrial output of Vietnam, a manufacturing centre for major global electronics and clothing brands, rose 4.1% in October from a year earlier, the agency said in a report, with output from manufacturing rising 4.9%.

That was an acceleration from September when industrial output increased by an annual 2.9%, according to the latest data, which however was revised from a previous 5.1% reading.

On Friday, official data showed foreign investment in Vietnam surged in October as the country attracted more than double the average monthly financial pledges it has received this year, amid a big boost in spending for new plants.

According to the statistics office, October consumer prices rose 3.59% from a year earlier.

Source: Nikkei Asia