Imports, exports both decline

Viet Nam’s export turnover was estimated at US$5.25 billion in February, a decline of 26 per cent in comparison with the previous month’s figure, the General Statistics Office (GSO) announced yesterday.

The country’s import turnover hit $6.2 billion in February, a decline of 22 per cent, earmarking the second consecutive month the trade deficit has been held at less than $1 billion.

The country had a trade deficit of over $1billion in the last three months of last year.

Export and import turnover in the first two months of the year totalled $12.34 billion and $14.168 billion, respectively, a rise of 40.3 per cent and 26 per cent, compared with the first two months of 2010

Director of the GSO’s Trade Department Le Minh Thuy said that the long new year holiday had led to a temporary drop in export turnover.

Both foreign direct invested and domestic enterprises saw the same growth pace in the first two months, the GSO said.

Motorbike imports up

The General Department of Customs announced on Tuesday that 16,599 motorbikes were imported in January, double that of December last year. However, the number of imported automobiles saw a significant decline last month.

Import revenue of motorbikes was estimated at US$27.78 million at an average of $1,700 per vehicle, an increase of 106 per cent in volume and 139.8 per cent in value.

Most were imported from Italy (9,857 units), Thailand (4,950) units and China (1,660 units).

In contrast, the number of imported automobiles dropped to 6,117 units worth an average of $102,76 per each, a decline of 7.2 per cent in volume and 10.7 per cent in value compared with the previous month. — VNS

The GSO also said that exported commodities had increased in both volume and value, partly due to high global prices. 24 of 26 export commodities experienced an increase in revenue including crude oil, up 23.3 per cent; rice, up 50 per cent; rubber, up 175 per cent; seafood, up 41.1 per cent; coffee, up 47 per cent and cashews, up 43.8 per cent.

Meanwhile, several other commodities also experienced gains, with textiles and garments, up 54.2 per cent; shoes and footwear, up 37.8 per cent and steel, up 85 per cent.

Exports of gemstone and precious metals were estimated at $39 million, a rise of 28 per cent in comparison with the same period last year.

Only pepper and coal export turnovers declined due to a decrease in volume.

Imports of milk and dairy products, fertiliser, pesticide and means of transport dropped although other commodities experienced a rise in import revenues. Cotton imports were up 102.9 per cent in comparison with the same period last year, followed by fibre, petrol, cloth, computers and accessories and plastic materials.

Imports of both automobiles and motorbikes also increased.

According to the Ministry of Industry and Trade, to curb the trade deficit, the country would import around 81.7 per cent of necessary commodities this year while the remainder would be strictly controlled. —VNS

Tags: Vietnam exports, Vietnam exports 2011, Vietnam trade