Vietnam trade deficit estimated at $4.89bln in jan-apr: gso

Vietnam is estimated to have incurred a trade gap of $4.89 billion in the first four months of this year, up 6% on-year, driven by imports of machines and equipment, crude oil and fabric

Vietnam is estimated to have incurred a trade gap of $4.89 billion in the first four months of this year, up 6% on-year, driven by imports of machines and equipment, crude oil and fabric, the online newspaper NDHMoney reported on April 25, citing the General Statistics Office of Vietnam (GSO).

The above figure accounted for 18.15% of the export revenue, higher than the target of below 16%.

In Jan-April, Vietnam exported $26.94 billion worth of goods, sharply up 35.7% on year while the country spent around $31.83 billion to import goods, up 29.1% from 2010, GSO said.

Major export products were export turnover included textile and garment ($3.92), followed by crude oil($2.45) while the staples showed the highest increase import revenue were machines and equipment ($4.68 billion), crude oil($3.58 billion) and fabric($2.11).

In April alone, the deficit is expected to remain high at $1.4 million, nearly equal to March figure after the country exported $7.3 billion worth of goods, slightly up 3.5% on-month and spent $8.7 billion to import goods, up 6% on-month.

The price factor pushed the import revenue by $2.4 billion out of total import revenue of $7.5 billion this month.

Earlier, at the cabinet on stabilizing macro economy on late February 22, Nguyen Tan Dung, Prime Minister of Vietnam ordered the related ministries to continue measures to restrict the trade deficit as intense exchange-rate volatility and an imbalance in foreign-currency supply and demand. – Stoxplus.com

Tags: Vietnam trade Deficit, Vietnam trade deficit 2011

Posted by VBN on Apr 25 2011. Filed under Import-Export, Trade, Price and Tourism. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry