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Import value to reach $80.2 Billion
The Ministry of Industry and Trade says the country’s import value will reach US$80 billion this year, a US$6.5 billion decrease compared to the expected figure.
The trend of decreasing imports was attributed to the government’s import prevention measures, including the increase on import tax rates on a number of unessential goods.
Importers are also considering reducing imports due to unfavorable exchange rates and strictly controlling the foreign exchange market.
The value of necessary import products such as steel, petrol, machinery and equipment, normal metals, fertilizers and paper pulp is estimated to reach USD63 billion, increasing 28.4 percent over last year but reducing by US$4.2 billion compared to the plan. It represents 78.6 percent of the country’s import value.
The import value of products under control, including coke coal and petro-chemical products, gem stones, gold and diamond, is expected to reach US$12.9 billion, a 32.9 percent increase over last year but reduction of US$1.5 billion compared to the plan. This represents 16.1 percent of the total import value.
For restricted import products including tobacco, consumer goods, completed vehicles and motorbike parts, the export value was estimated at US$4.25 billion, a 9.5 percent increase over last year but US$800 million lower than expected, and representing 5.3 percent of the total import value.
The biggest reduction was seen in the import of up-to 12-seat cars.
VNA
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