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Exports miss quarterly target
Despite a trade surplus of 400 million USD in March, the Ministry of Industry and Trade warned of a hard period ahead for the export sector due to its first quarter revenues meeting just two-thirds of the target.
The ministry reported the nation earned 4.7 billion USD from exports in March, bringing the total revenue for the first quarter to almost 13.5 billion USD, or 2.4 percent increase year on year.
However, the sector fulfilled just 19 percent of the yearly plan, the ministry said, adding that only nine of the surveyed 35 export items recorded gains in revenues while 12 of the 13 major hard currency earners suffered a sharp drop.
A slight rise in March export revenues was attributed to a drastic surge in jeweler exports, which posted an increase of 49 percent over the corresponding period last year and making up 18 percent of the gross export revenue.
Economists said jewelry export revenues that reached 850 million USD in March and almost 2.29 billion USD in the first quarter mostly came from re-exportation of gold.
In regard to major hard currency earners, they mostly fell from 10 to 20 percent in revenues.
Crude oil was the worst hit with its export revenue falling by 48.6 percent, followed by electricity wires and cables, by 47.3 percent and rubber, 43.9 percent.
Apparels, the export leader, suffered a drop of 4.2 percent in revenues in March.
Rice was the only export item to enjoy gains with revenues up by 23.5 percent in March and 76.4 percent in the first quarter as compared to the same period last year.
VietNamNet, vietnamplus
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