South Korean media: The power of Trump's tariffs, Vietnam's exports to the US have declined for three consecutive months!
On December 2, South Korean media "Herald Economic" published an article stating that Vietnam's exports slightly declined in October, and exports to the United States have decreased for the third consecutive month, indicating the impact of the Trump administration's tariff collection.
Data released by the General Statistics Office of Vietnam showed that Vietnam's exports in October amounted to 42.05 billion USD, a decrease of 1.5% compared to September.
Compared to the same period last year, it increased by 17.5%, but was lower than the 19.5% increase predicted by market analysts.
Among them, exports to the US fell by 2.2% to 13.4 billion USD, marking the third consecutive month of decline since August. The decline was greater compared to September (-1.4%).
On August 7, the Trump administration imposed a 20% reciprocal tariff on Vietnamese imports.
The most affected were mobile phone exports to the US, as Vietnam's mobile phone exports are heavily dependent on the US market, with a drop of as high as 15.2%. Samsung Electronics is Vietnam's largest mobile phone exporter to the US, so South Korea has had to closely monitor this situation.
In addition, although exports of textiles and clothing to the US declined by 7%, exports of shoes to the US increased by 15%.
Due to the slowdown in exports, the trade surplus in October dropped to about 2.6 billion USD, below 2.85 billion USD in September.
The cumulative trade surplus from January to October this year also decreased by 16% compared to the same period last year (23.18 billion USD) to 19.56 billion USD.
Additionally, during the same period, the trade deficit with China increased by 39% to 93.9 billion USD.
At the same time, during President Trump's visit to Malaysia, Vietnam reached an agreement with the US on the framework of trade negotiations (including tariffs).
Therefore, Vietnam will grant Most Favored Nation treatment to almost all US products, while the US will grant zero tariffs on some Vietnamese products. It is expected that both sides will finalize the specific details in the coming weeks.
A local economist said: "We expect the growth rate of exports next year to slow down to single digits, possibly around 7% to 8%. Considering the overall impact of US tariffs, this is acceptable."
Original article: toutiao.com/article/1850387856859148/
Statement: This article represents the views of the author.