VIETNAM: Vietnam exports to top $71 bln

VietNamNet Bridge - Exports are likely to be worth $71 billion this year, a 23 percent year-on-year rise, the Ministry of Industry and Trade's Planning Department said.

 

Thirteen of 35 export items saw prices increase -- cashew was up 21 percent; tea, 11 percent; pepper, 40 percent; rice, 4.8 percent; and rubber, 81 percent.

Among key items, apparel exports were worth $10 billion, rice shipments, nearly $3 billion, seafood, around $4.5 billion, and wood and wooden products, $3 billion.

Iron and steel, chemicals, rubber, vehicles, and cashew exports were all sharply up while that of crude oil tumbled nearly 23 percent.

Statistics from customs show that in the first 11 months exports were worth $64.5 billion, 25 percent up from the same period last year.

Sixteen items had posted an export value of more than $1 billion, two more than last year.

Exports are expected to grow 10 percent in 2011to $78 billion, the ministry said.

Trade deficit down

This year the trade deficit is estimated at $12 billion, down $1 billion from last year and the lowest in the last four years.

Imports in the first 11 months were cost over $75.5 billion, 20.7 percent up year on year.

By the end of November the trade gap was around $11 billion after imports rose for the third straight month to $7.94 billion, the highest ever monthly figure.

Import of certain items soared, especially that of gemstones and precious metals -- which rose 155.5 percent to $244.4 million after the government lifted a ban on gold import -- fertilizers, insecticides, tobacco, and liquefied petroleum gas.

With imports higher than exports, the trade gap persisted for a fourth month, exceeding $1 billion in the last two months.

Among 43 items imported, there was a fall in value in six, including clinker (down 33 percent) complete-built cars and motorbikes, petroleum products, and fertilizers (from 10 percent to above 20 percent).

Some items saw a strong rise, including machinery and equipments, feedstock like plastic and materials for the garment and textile industry.

Import of goods categorized as essential commodities by the ministry was worth $61.2 million, a year-on-year rise of 18.5 percent and accounting for 81.7 percent of total imports, while those categorized as “unnecessary and need to be controlled or limited” rose to $4 billion and $5.4 billion, up 20.9 percent and 22.9 percent.

Thus around $10 billion was spent this year for importing luxury goods, the ministry said.