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North in deficit as south runs surplus
Ha Noi's trade deficit reached nearly US$10 billion, while HCM City reaped a trade surplus of about $300 million in the first nine months of this year, statistics offices in the two cities stated.
In Ha Noi, the trade deficit doubled in export value, the statistics office reported, adding that in the first nine months of this year, the city was expected to earn an export revenue of $5.5 billion, a year-on-year increase of 19.5 per cent. Meanwhile, the import value rose by 18.2 per cent to $15.5 billion.
In September alone, Ha Noi's trade gap waspredicted to hit $1.08 billion, up $70 million over August. Export revenue was expected to drop 0.3 per cent against the previous month to $680 million, while import turnover was expected to rise 1.3 per cent to $1.76 billion.
"It is easy to understand why Ha Noi has a big trade gap. It is a large developing city with a high demand for machinery, equipment, accessories and materials for construction projects," said an official from the statistics office's trade section.
In the first nine months of the year, huge sums were spent on imported luxury goods such as cars, wine, cigarettes and interior furnishings, she said.
The Ha Noi Statistics Office earlier forecast that the capital would suffer a trade deficit of $13.8 billion in 2010, with exports earning just $7.6 billion and imports $21.4 billion.
From January to September 2010, HCM City's import turnover is estimated to reach nearly $15.5 billion, a year-on-year increase of 12.6 per cent. Its export value is predicted to reach $15.8 billion, representing a year-on-year increase of just 1 per cent.
In the coming months, export turnover should rise as market demand would typically rise in the last months of the year, the city's Statistics Office stated. Although HCM City experienced a trade surplus, the office reported that exporters were encountering persistent difficulties.
Officials said the price of raw materials was increasing, which would affect exporters' competitiveness. They also said the city was suffering a shortage of skilled workers and that some industries were facing material shortages, both of which were hitting exports.
In September alone, the city's export revenue month-on-month dropped 9.7 per cent to $1.7 billion.
Meanwhile, the decrease in gold and crude export volumes also contributed to the fall in the city's total export value, officials said.
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