June trade gap narrowed for gold re-export

June export of Vietnam is estimated to reach $7.8 billion while the import gains $8.2 billion, representing a trade gap of $400 million. Thus, the trade deficit of the first half of 2011 is around $6.65 billion, the Thoi Bao Kinh Te Vietnam reported, citing data of General Statistics Office (GSO).
June also is the monthly record of export turnover, up 7.8% against May while the country has seen the lowest trade gap since September 2010.

June import spending, therefore, fell 5.2% compared with the previous month.

The movement is positive for macro-economic stabilization after four months of trade deficit of more than $1 billion. But whether will the trend be solid?

Statistics from General Department of Customs indicated that since the last half of May, the export of precious stones, gemstone and jewelry suddenly had surpassed $1 billion.

According to GSO, the re-export of gold created a sudden change in the export of this group of commodities, about $630 million in June alone. Hence, after conversion, there were about 10 tons of gold being exported in June.

GSO warned that the status of gold re-export might change rapidly. Its service trade statistic department estimated the gold export in last 15 days of June at almost $100 million only.

Overall, H1 export turnover has reached $42.333 billion, a year on year growth of 30.3%. The force of price increase helped the turnover up $3 billion in the reporting period.

Meanwhile, the country’s import spending is expected at $48.987 billion in Jan-June, increasing by 25.8%. Also, the factor of increased prices made the spending rise extra $3.8 billion.

The trade gap so far has been $6.654 billion, up 5.7% against the same period of 2010 and equaling to 15.7% of export turnover. – Vietbiz24

Tags: vietnam gold, Vietnam gold exports, Vietnam gold market