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Exports rise slightly, trade deficit still widens
Exports in April rose by 2 percent over March to stand at 5.7 billion USD, bringing the nation’s four-month export value to 20.1 billion USD, a year-on-year increase of 8.9 percent.
The slight rise was attributed to increasing demand for imports from many markets around the world amidst the post-crisis recovery.
Apparel products continued to top export lines in the first four months, raking in over 3 billion USD, representing a 19 percent rise year-on-year.
Second place went to seafood, which earned over 1.27 billion USD, a 20 percent surge compared with the same period last year.
Export rises were noted in electronics and computer parts (39 percent), wood and wooden furniture (31.6 percent), cashew nuts (18.8 percent), and footwear (Nearly 6 percent).
Despite upbeat signs for exports, economists have remain worried about the trade deficit, which hit 4.65 billion USD for the first four months, or 23 percent of the total export value.
Earlier this year, the National Assembly had set a target of keeping trade deficit below 20 percent.
The Ministry of Industry and Trade blamed the widening deficit on the import of a large volume of raw materials and equipment for production by many businesses in domestic sectors producing key export lines.
The Ministry has requested these businesses promptly deploy measures to halt their imports while boosting trade promotion activities and exports to key markets.
It will assist enterprises in making the most of regional agreements on free trade zones to gain access to various markets.
The Ministry pledged to continue to reform import-export procedures, shorten the time required for customs clearance for businesses, and simplify tax refund procedures to help narrow the trade deficit.
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