Vietnam's trade seen stable despite decline in phone exports: HSBC
A fall in shipment of phones and computer electronics, which constitute about a third of overall exports from Vietnam, contributed negatively to export growth for the second consecutive month in May, according to HSBC in its latest Vietnam`s report.
This led overall exports to rise just 7.1% year-on-year in May.
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According to HSBC's report, the slowdown in electronics exports should factor in the high base from the previous year, while the rise in agriculture and textile exports should be seen as a good sign.
Vietnam's total import-export turnover reached US$38.9 billion, up 9.4% month-on-month. Of which, export turnover is estimated at US$19.2 billion in May, representing an increase of 4.5% month-on-month and import turnover of US$19.7 billion, up 14.5% month-on-month.
For the five months through May, Vietnam's trade turnover reached US$182.8 billion, up 11.9% year-on-year, for which export turnover accounted for US$93.1 billion, up 15.8% and import turnover of US$89.7 billion, up 8.2% year on year.
Consequently, Vietnam has a trade deficit of US$500 million in May, causing its trade surplus to narrow to US$3.4 billion in the five-month period.
Despite the recent decline in phones and electronics exports, the Vietnam's Manufacturing Purchasing Managers' Index (PMI) continues to indicate a bright outlook for manufacturers, which rose to 53.9 in May from 52.7 in April.
The headline PMI expanded at a faster pace than the previous month for the second consecutive month, driven by new orders and a record expansion in new export business. Moreover, with the most recent print, the country's manufacturing sector has now recorded a continuous expansion on a monthly basis (above 50) for the past two-and-a-half years.
Taking into account the recent trade and PMI data, HSBC's report forecasted that trade and manufacturing will likely slow from last year's pace but should remain stable overall.
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