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Vietnam’s exports dropped 0.8% in October compared to the prior year -- far below expectations for 10% growth in a Bloomberg survey of economists --as shipments of phones, crude oil and coffee fell, according to data from the General Statistics Office in Hanoi.
Overseas coffee sales in October were 100,000 tons, down 27% from a year ago, as farmers held off selling beans with prices at their lowest in a decade. In addition, Samsung Electronics (KS:005930) Co. reduced its phone and accessories shipments between September and October, the government said. There were also significant declines in Vietnamese exports of crude oil and steel.
Imports jumped 3.5% in October from a year earlier. Exports for January through October were estimated at $217 billion, up 7.4% from the year-ago period, after the country reported a 8.2% increase in exports for January through September, the government said.
(Updates with decline in overseas coffee sales in 2nd paragraph.)