(Bloomberg) -- Vietnam's exports fell for a sixth straight month in August, extending the longest plunge since 2009 and pushing the government's economic growth target farther from reach.
Exports dropped 7.6% this month from a year earlier, data released by the General Statistics Office showed Tuesday. Economists surveyed by Bloomberg predicted a 9.5% drop in overseas shipments.
Higher demand for goods is key to bolstering economic growth, as the value of outbound shipments is nearly equivalent to the size of the country's gross domestic product. The contraction in exports risks putting the government's target of 6.5% GDP growth this year out of reach.
Vietnamese businesses are still struggling “as difficulties and challenges remain great, with the global economic downturn,” the trade and industry ministry said in a statement earlier this month. “There is a lack of orders, especially with the export market being narrowed,” it said.
August inflation quickened 2.96% from a year ago, according to the statistics office. That compared with a median estimate for a 2.5% year-on-year increase in prices.
Prime Minister Pham Minh Chinh on July 4 ordered ministries to focus on measures to boost rice exports as the government seeks to take advantage of global market opportunities to bolster economic growth in the second half of the year.
Earlier this month, Chinh said the government aims to push economic growth to about 9% in the second half of the year in order to meet the full-year target of 6.5%.
--With assistance from Tomoko Sato, Nguyen Kieu Giang and Cecilia Yap.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
