HANOI, May 18 (Xinhua) -- Vietnamese exporters are advised to diversify products and explore new markets to strengthen the country's economy as the global economic slowdown is weighing on exports, Vietnam News reported on Thursday.
Vietnam's overseas shipments in the January-April period shrank 11.8 percent from a year earlier to 108.57 billion U.S. dollars, according to the General Statistics Office.
Export earnings extended declines in the first four months of the year as consumers in major markets, hit by rising inflation, cut back on purchases of non-essential items including clothes, footwear, smartphones, electronic home appliances, and furniture, which are among Vietnam's largest export earners, said the Ministry of Industry and Trade.
Besides, Vietnam's imports dipped 15.4 percent to 102.22 billion dollars over the period, official statistics showed, which indicates a contraction in manufacturing activity in the export-driven economy.
The trade ministry urged local exporters to explore opportunities in new markets such as India, Africa, the Middle East, Latin America, and Eastern Europe, or in markets less affected by high inflation and global slowdown like ASEAN (the Association of Southeast Asian Nations) member countries.
In addition, with a population of nearly 100 million people, Vietnam can offer huge potential for businesses to increase their revenues. Hence, companies that mainly focused on exports could launch new products to leverage the growing demand in the country and hedge against the ongoing global economic swing, said the trade ministry. ■