Vietnam is continuing to face challenges on the trade front, despite signs of a pick-up in the services sector. The country is particularly exposed to the global trade cycle, which has had a dampening effect on its growth, according to a report by HSBC. The report notes that exports fell by 11.7% year on year in April, after declining by 12% in Q1. HSBC highlights that the decline in exports has been broad-based, with textiles, footwear, smartphones, and wooden furniture all seeing significant drops. There have been some positive signs, however, with computer electronics seeing a 5.4% year-on-year rise in April. Meanwhile, international tourist arrivals rose in April, with a 70% increase in Chinese tourists.