Hanoi trade deficit likely to reach $10Bln in Jan-Sept

Hanoi trade deficit is likely to reach $10 billion in the first nine months of this year, doubling export turnover of the city, the Hanoi Statistical Office said.

The capital city is estimated to have reaped $5.595 billion from exports year-to-date, up 19.5% on-year, and imported $15.536 billion, up 18.2%.

In September alone, the trade gap of Hanoi city is forecast to rise to $1.08 billion, up $70 million from August. In detail, Hanoi export revenue fell to $0.68 billion, up 0.3% on month while import turnover increased to $1.76 billion, up 1.3% on month.

The higher import revenue contributed to the broader trade gap of the capital city in Jan-September.

Staples which saw the highest import revenue increase were machine, equipment, accessories and material, fuel input which mostly came from the central corporations, adding to luxury goods such as auto, wine, cigarette and interior, the Hanoi Statistical Office said without exact figures.

In the export side, the agricultural sector stood at $0.65billion, unchanged on year, and equivalent to 11.6% of total export revenue. Rice export reached $311 million worth of 0.6 million ton of rice.

The Hanoi Statistics Office earlier forecast that Hanoi will incur a huge trade deficit of $13.59 billion in 2010 with $7.81 billion exports, up 23.5% on-year, and $21.4 billion imports, up 13.1%.

Hanoi’s key export staples are footwear, apparel, handicrafts and electronics while its main imports are machinery and equipment, petroleum products, and iron and steel. – Stoxplus.com

Tags: Vietnam trade, Vietnam trade deficit 2010