Vietnam gemstone & precious metal imports in October down 70% mom

Vietnam is estimated to have imported $232 million worth of gemstone and precious metal (mostly gold) in October, 2011, down 70% on-month while export turnover from the item reached $33.8 million, slightly unchanged from previous month.

Vietnam is estimated to have imported $232 million worth of gemstone and precious metal (mostly gold) in October, 2011, down 70% on-month while export turnover from the item reached $33.8 million, slightly unchanged from previous month, according to the General Department of Customs.

Gemstone and precious metal trade deficit in October stayed at $198.2 million, down 73% on-month and 40% from August.

Vietnam mainly imports gemstone and precious metal from Switzerland, accounting for 66% of the total imported gemstone and precious metal with a spending of $153.3 million in October alone.

The import turnover of these commodities saw a sharp fall after the central bank issued Circular 32, effective on Oct 6, granting permission for selected banks to sell their gold deposits and open their international gold trading accounts.

The country is estimated to have spent $2.16 billion on importing these commodities in 10M/2011, up 365% on-year, the General Customs’ data showed.

Source Sophie/ StoxPlus

Posted by VBN on Nov 16 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry