Vietnam’s exports to US fall sharply in January
Vietnam’s export value to the US saw a considerable fall in January, which is partially blamed on US protectionist policies and restrictions on imports from many markets.
According to the General Department of Customs, in January Vietnam’s export value to the US was estimated at USD3 billion, down USD600 million from December 2016. The decline was reported in many staple Vietnamese products such as seafood, cashew nuts, wood, garments and textiles and footwear products.
Vietnam’s monthly average export value in 2016 reached USD3.3 billion.
The US is among Vietnam’s biggest export markets, recording a decade high trade surplus. So, the fall in Vietnam’s US export value in January is partially attributed to the US President Donald Trump’s policies to curb imports.
Economist Pham Chi Lan said that the changes in President Donald Trump’s trade policies, enhancing the protectionism, while reducing US overseas investment will affect many developing countries, including Vietnam, which still much depend on foreign investment and exports.
Vietnam needs better mechanisms to handle shocks that may come from the US under Donald Trump's presidency. The country should diversify export markets to mitigate the dependence on the US market, Lan highlighted.
According to the General Department of Customs, in January Vietnam’s export value to the US was estimated at USD3 billion, down USD600 million from December 2016. The decline was reported in many staple Vietnamese products such as seafood, cashew nuts, wood, garments and textiles and footwear products.
Vietnam’s export value to the US saw a considerable fall in January
Vietnam’s monthly average export value in 2016 reached USD3.3 billion.
The US is among Vietnam’s biggest export markets, recording a decade high trade surplus. So, the fall in Vietnam’s US export value in January is partially attributed to the US President Donald Trump’s policies to curb imports.
Economist Pham Chi Lan said that the changes in President Donald Trump’s trade policies, enhancing the protectionism, while reducing US overseas investment will affect many developing countries, including Vietnam, which still much depend on foreign investment and exports.
Vietnam needs better mechanisms to handle shocks that may come from the US under Donald Trump's presidency. The country should diversify export markets to mitigate the dependence on the US market, Lan highlighted.
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