Export turnover likely to reach $84 bln

Export turnover is expected to hit $84.5 to 85.5 billion for the year, $6.1 billion higher than the target set by the National Assembly.

The Ministry of Industry and Trade (MoIT) held an online meting on June 4 to announce that total export value reached $42.3 billion in the first half of 2011, an increase of 30.3 per cent compared to the same period last year.

The increase was attributed to increases in both volume and prices of exported commodities.

About 10 commodities reached export turnover of more than 1 billion USD, the meeting was told.

Excluding gold, the total export revenue in the first half of 2011 was estimated to increase by about $10.5 billion compared with the same period last year.

Nguyen Tien Vy, director of the ministry’s Planning Department, said that textile and garment export turnover reached $6.16 billion, about half of the year’s target of $13 billion.

He also forecast that several key export commodities would continue contributing significantly to the total export revenues in the next half of the year.

Of this, the export value of agriculture and seafood products is forecast to earn $19 billion this year; fuel and minerals, $10.6 billion; industrial products, $45 billion and textile and garment, $13 billion.

At the meeting, Phan Van Chinh, director of the ministry’s Export and Import Department, said that the good export performance followed many unfavourable internal and external factors, such as inflation, increased prices of materials and high interest rates.

In the first half of the year, the country’s import turnover reached almost $49 billion, a year-on-year rise of 25.8 per cent, bringing the trade deficit to $6.65 billion.

Of the import markets, Asian countries took the lead with $32.5 billion. Specifically, Vietnam imported goods worth $8.5 billion from ASEAN countries, $4.9 billion from the Republic of Korea, $3.9 billion from Japan and $9.1 billion from China.

The ministry also predicted that the total imports would cost $98.5 to $99.5 billion for the entire year thanks to a decline in prices, creating a trade deficit of $14 to $15 billion.

However, the ministry sounded a warning about a possible increase in the trade deficit in the remainder of the year due to surging prices of several import commodities, such as fuel and input materials.

Representatives from Kien Giang Province and Ho Chi Minh City requested the government and the ministry to support exporters regarding interest rates.

At the meeting, the ministry sketched out several major plans to curb the trade deficit.

The ministry will continue taking a grip on the importation of luxury commodities, including mobile phones, liquor and cosmetics imported through Haiphong, Danang and Ho Chi Minh City. – VNA

Tags: Vietnam export turnover