$15bil in exports progress against trade gap (25/05)
06/08/2010 - 165 Lượt xem
Vietnam’s exports have increased in quantity and are earning more thanks to higher prices on the international market. The country exported $15bil in products in the first five months of the year, $2.944bil higher than that of 2005. The price increase raised revenues by $2.115bil, while higher export volume accounted for $829mil in increases.
Foreign invested enterprises continue to lead in exports and sold $1.9bil in products abroad, up by 29% over the same period last year. Vietnamese enterprises reaped $1.3bil, an increase of 1.8% over 2005.
Crude oil remains Vietnam’s key export and earned about $740mil in turnover in May and $3.37bil over five months. Other key export items also saw high exports, including apparel, which earned $430mil in May and $2.12bil since January, shoes, which earned $280mil in May and $1.36bil since January, seafood ($250mil in May and $1.09bil year to date), rice ($123mil in
May and $600mil), wooden furniture ($175mil and 803mil). Coffee, rubber and electronics also saw satisfactory results, each drawing $300-600mil.
MoT also said that the imports are increasing in May with total turnover of $3.6bil, up by 7.3% over May, 2005, but added that it is trying to reduce an overall trade deficit by 2010. The gap, the ministry says, has been gradually decreasing since reaching a peak in 2003. In 2005, it was $4.75bil, down by $5.11bil compared to 2003. In 2006, the figure is expected to be 12% of total imports turnover, which is estimated at $4-4.5bil.
Vietnam saw a trade surplus of $56mil in the first three months of 2006, its first.
To narrow the gap, analysts say, Vietnam has no other choice than to boost exports. Trade authorities are trying to complete necessary procedures to get EU market status. WTO membership would also help boost exports.
Analysts have said that Vietnam should focus on helping foreign-invested enterprises raise their exports. The sector saw a trade surplus of $12.64bil in 2001-2005, while the local sector saw a deficit of $31.96bil.
Source: Vietnam Net
