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Trade deficit narrows
May's import-export figures released by the National Statistics Office last week have revealed positive signs for Viet Nam's economy. However, concerns remain as the export turnover growth in May includes the re-exporting of gold, Dau Tu (Investment) newspaper reports.
According to the Statistics Office, May's export turnover is the highest monthly export value in 2010, amounting to $6.1 billion, a year-on-year increase of 37.5 per cent and up by 14.4 per cent compared with April's figure.
Meanwhile, import turnover amounts to $6.85 billion, a year-on-year increase of 18.9 per cent and up by 5.5 per cent compared with April 2010.
The trade deficit was only $750 million in May, making it the lowest monthly trade deficit in the first five months of this year.
The re-export of gold is the main reason behind the narrowing trade deficit.
In May, Viet Nam attained $800 million in gold exports, accounting for 13.1 per cent of the country's export value. Without gold exports, trade deficit would be $1.55 billion in May, the largest monthly trade deficit suffered by the country's economy.
Monthly trade deficit rose from $945 million in January, to $1.33 billion in February, $1.15 billion in March and $1.16 billion in April.
In all, the country attained export turnover of $25.8 billion in the first five months of 2010, a year-on-year increase of 12.6 per cent, while trade deficit stood at $5.37 billion or 20.8 per cent of the country's total export in the same period.
In a monthly report, the National Statistics Office called these figures positive signs, but required strict measures and policies to curb the country's trade deficit well below 20 per cent.
The office said to narrow the trade deficit, the country was reducing the import of raw materials such as steel, plastics and fertilisers and using locally made products.
Le Hung Vong
vietnamnews
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