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Trade deficit despite higher export value
According to the General Statistics Office, Viet Nam's export turnover in the year's first nine months reached US$51.5 billion, up 20.5 per cent over the same period in 2009. If gold exports are included, the increase would be higher, at 27 per cent.
Of the total turnover, businesses with foreign direct investment represented $23.7 billion (Exclusive of crude oil exports), up over 40 per cent against the same period in 2009.
Exported items with high growth include steel (193 per cent), rubber (97 per cent), chemicals and chemical products (84 per cent), and electrical wires and cables (68 per cent).
For the first time, steel and products made of steel, coal and rubber were among those over $1 billion in export turnovers.
Others were textiles and garments, crude oil, footwear, seafood, rice, wood and wooden products.
The garment and textiles sector earned $7.5 billion from exporting to major markets such as the US, Japan and the EU, up over 17 per cent compared to the year before.
The sector is expected to surpass its target for this year of $10.5 billion. Many businesses have already signed orders with foreign partners for the next year.
According to the Ministry of Industry and Trade, higher prices of several export items like those of rubber (83 per cent), cassava (76 per cent), coal (52 per cent) and pepper (38 per cent) helped increase total export value by $2.5 billion.
The Asian market accounted for 48 per cent of Viet Nam's export turnover (y-o-y 28 per cent up) and the Latin American market represented 23 per cent, showing a rise of 24 per cent. The figure from the European market fell 4.4 per cent, to 22 per cent of the total turnover.
Meanwhile, imports consumed over $60 billion, up almost 23 per cent, and again foreign-invested companies represented higher growth, of over 42 per cent, reaching $25.7 billion. The import value showed a trade deficit of $8.6 bilion.
Cotton showed a high growth in import value of 80 per cent, and the rate for ordinary metals was almost 73 per cent. A fall of 35 per cent was registered for fertiliser imports and 13 per cent for cars.
Similar to exports, the price rose for a number of imports, such as up 40 per cent for ordinary metals and 35 per cent for liquified gas. Price increases accounted for $4.2 billion in import value.
Thuy Anh
vietnamnews
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