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Trade deficit hits $1.13b
Viet Nam’s import and export turnover reached US$24 billion and $22.8 billion respectively in the first five months of this year, bringing the trade deficit to $1.13 billion, according to figures just released.
"The import decline represent a 37 per cent reduction from the same period last year, while the lower export value is a 6.8 per cent decline," said Le Thi Minh Thuy, an economist at the General Statistics Office.
In the first four months of the year, the domestic market accounted for $12.4 billion of the total import value, up 12 per cent from the same period last year, statistics show.
Foreign sector down
The foreign-invested sector reached $10.8 billion, down by 21.4 per cent due to the low value of crude oil.
Exploitation of crude oil hit 6.95 million tonnes in the first five months of 2009, earning $2.57 billion, a 44 per cent decline.
Fifteen of the country’s major exports also experienced decline. The fishery sector saw a decline of 9.1 per cent to reach $1.37 billion.
Garments and textiles fell 1.8 per cent to $3.24 billion. Footwear slipped 10.1 per cent to stand at $1.64 billion, while electronics, personal computers and electronics accessories brought in $909 million for an 8 per cent decrease.
However, the country saw an increase in several exports. Rice exports hit 3.1 million tonnes, earning $1.49 billion, a 43.3 per cent increase in volume and 20.2 per cent increase in export turnover. Precious metals and stones, and finished items reached $2.6 billion, 33.1 times higher.
Imports rose 8.1 per cent in May, but they are still down 37 per cent against the same period last year for a value of $24 billion.
Petrol imports hit $2.2 billion, a 5 per cent reduction in volume and 55.3 per cent in value due to low prices on the world market. Import values for machines and equipment slipped to $4.44 billion, declining by 23.9 per cent. Many other imports have also strongly declined, including steel, iron, fertilisers, plastics and automobiles.
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