HCM City’s fuel import up 84pct in Q1

In the first three months this year, HCM City’s fuel import was nearly $380 million, increasing 83.7 percent against the same period last year, according to the HCM City Statistics Bureau. In which, the average fuel price increased 33.6 percent year‐on‐year.

In February, the city’s import for fuel was only $99.3 million, falling 19.7 percent from the same period last year, falling 56.6 percent in quantity but the average fuel price up 85.2 percent.

Also according to the agency, HCM City’s trade deficit in Jan‐March was $150 million while the country’s trade gap was up to more than $3 billion in the first three months this year.

Of which, the city’s export turnover reached over $5.673 billion, up 20.7 percent against Q1 2010, if excluding crude oil, the city’s total export turnover fetched nearly $4.14 billion, up 24.3 percent.

The export operations in Q1 had more favourable conditions against the previous year thanks to there were more orders and the value of goods increased.

In Jan‐Mar, HCM City’s rice export is estimated to reach $562.3 million, accounting for 20.7 percent of the city’s total export turnover. The export output increased 27 percent over the same period last year, but due to the average price fell 1.5 percent, so the city’s rice export in Q1 increased only 25.1 percent in value. Of which, the main buyers were still Indonesia (accounting for 65 percent) and Bangladesh (accounting for 20 percent).

The city’s export for seafood products gained $91.5 million, up 11.5 percent, apparel products at $487.5 million, up 17.3 percent and footwear at $126.6 million, rising 16.7 percent year‐on‐year.

HCM City’s crude oil export in Q1 reached nearly $1.534 billion, falling 15 percent in quantity but up 11.9 percent in value thanks to the average export price soared 31.6 percent.

HCM City’s import spending of goods in Q1 was estimated at nearly $5.824 billion, up 26.3 percent against Q1 2010 mainly for products such as milk and its products ($119.9 million), up 35.4 percent, fuel ($378.8 million), up 83.7 percent and iron and steel ($50.2 million), up 24.1 percent year‐on‐year. -Vietbiz24

Tags: Vietnam Fuel imports