February 02, 2018 11:15
Exports in January soared 22.2 percent on-year to US$49.21 billion, the Ministry of Trade, Industry and Energy said Thursday. This is the highest gross ever in January while shipments rose for 15 months in a row.
"Exports increased thanks to booming global trade and the rise in prices of oil and major export items," a ministry official said.
Exports of nine major items posted double-digit growth. Chips, machinery, petrochemical products, and computers reached all-time highs for January.
Exports of steel products rose for a 10th consecutive month, thanks to reduced production from Chinese manufacturers and a rise in margins. Those of petrochemical goods also leaped on the back of robust demand and an increase in export prices.
Exports to China were worth US$13.39 billion, a 24.5 percent surge on-year and seeing double-digit growth for a sixth month. Shipments to ASEAN countries and India also peaked for January.
But it is uncertain whether the boom can last. The ministry forecast that growth will be blunted next month amid growing protectionism and foreign exchange volatility, in addition to reduced working days resulted from the long Lunar New Year break.
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