Exports fall by 22.2% this month (27/02)
06/08/2010 - 11 Lượt xem
Le Minh Thuy, an official of the GSO, attributed the decrease in exports in January and in the first two months to the prolonged traditional Lunar New Year (Tet) holidays.
In the first two months of this year, exports from the foreign-invested sector reached over VND5.3 billion, including crude oil, which saw a 26.2 per cent year-on-year increase. Meanwhile, the domestic economic sector saw a slowdown in exports, reaching $3.88 billion, or a decrease of 21.2 per cent.
According to Thuy, in the first two months of this year, the country's exports saw advantages, as prices in exports increased in the world market thanks to the global economic recovery.
For instance, rubber prices rose by 82.6 per cent and crude oil was up by 63.9 per cent. Coal and rice increased by 59 and 25 per cent, respectively.
Industrial exports saw handsome increases in turnover: electrical wires rose by 99.7 per cent to $168 million, garment and textile items increased by 16.8 per cent to $1.5 billion, and wood and wooden products were up by 29.2 per cent to $467 million.
However, the increase in imports at a value of more than $10 billion, or an increase of 39.6 per cent, was also attributed to increased prices on the world market for basic commodities such as petrol and raw materials after the recovery of the global economy.
Of the imported items, petrol increased by 20.1 per cent to $939 million, steel saw an import value of $616 million, up 34.6 per cent, and paper and clothes increased by 5.6 per cent and 9.3 per cent to $102 million and $523 million, respectively.
The trade deficit in the first two months stood at $1.75 billion due to an increase in imports.
Thuy warned that the trade deficit would continue to return as the State Bank adjusted the exchange rate of the US dollar and the Vietnamese dong and there were no stable signals of economic recovery for the biggest importers of Viet Nam (the US and the EU).
Source: VietNamNet/Viet Nam News
