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HANOI, Aug 29 - Vietnam's exports in August fell 7.6% from a year earlier, official data showed on Tuesday, making a sixth straight month of decline as weak global demand weighs on the export-reliant economy.
Vietnam is struggling from subdued global demand and tightening moves by the U.S. Federal Reserve, despite the State Bank of Vietnam cutting policy rates four times this year to shore up growth. Weak external demand has seen manufacturers cut tens of thousands of jobs and has prevented some businesses from taking bank loans to boost production. Credit growth slowed to 4.3% at end-July, half the rate of the same period last year.
Shipments of smartphones, Vietnam's largest export earner, fell 15.4%, while exports of garments were down 15.0% and footwear products down 17.6%, the data showed.
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