Major export sales drop in July

The nation’s export earnings fell in July as major items were almost at a standstill.

The country earned US$5.8 billion from exports in July, eight percent less than in June, after two consecutive months of increases, according to the General Statistics Office.

Gems and gem products dropped from US$547 million in June to US$15 million in July.

Other items with large decreases in July were coal, crude oil and footwear.

Garments, textiles, agro-forestry products and seafood increased slightly only cashew nuts rose by 5.2 percent over June.

However, the export value of the first seven months of the year hit US$38.3 billion, a year-on-year increase of 17.5 percent thanks to robust increases in previous months.

Also in seven months, the country imported US$45.7 billion worth of goods and services, a year-on-year increase of 25.5 percent, bringing the trade deficit to US$7.4 billion, equal to 19.3 percent of the total export turnover.

The foreign-invested sector had the highest import growth of 46.4 percent. Cotton, metal and means of transport were mostly imported.

Tags: Vietnam export, Vietnam trade

Posted by VBN on Jul 28 2010. Filed under Import-Export. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry