Vietnam's exports have been hit hard by weakening global demand, according to experts.

Exports have decreased across most industries, including garments, agriculture, forestry, fishery and wood processing. Local exporters are struggling to meet their growth targets, as exports fell 11.9% year-on-year in the first quarter. Total exports and imports were estimated at $154.3 billion in the same period, down 13.3% year-on-year.

The hardest-hit sectors include textiles, garments, leather and footwear, timber and seafood, with the United States and the European Union being the main export markets. The decline has been attributed to high inflation and the slowing global economy, particularly the risk of an economic crisis in some of the country’s major markets.

Exporters are also facing higher raw material costs while export prices remain unchanged, reducing the competitiveness of their products. The cost of labour, packaging, and transportation has also been on the rise

Industry bodies are recommending that the government provide a low-interest credit package of 10 trillion dong ($438 million) to support farmers and fishermen to buy raw materials to maintain production.