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| Trade deficit already well above 2008 target |
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25-APR-2008 Intellasia | Vietnam News page 15 |
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25 Apr, 2008 - 7:00:00 AM |
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Vietnam’s trade deficit in the first four months of this year reached US$11.l billion, already over the 2008 target of US$10.9 billion.
Economists from the General Statistical Office (GSO) attributed the deficit to the depreciation of the US dollar, resulting in lower earnings for export contracts, and more machinery and steel imports.
Other factors driving up imports included constant moves to lower or remove taxes according to commitments made to the World Trade Organisation and Afta (Asean Free Trade Area), the economists said.
In the first four months of this year, import values surged by 71% to US$29.4 billion, while export turnover increased by only 27.6% to US$18.2 billion, according to the GSO.
Export revenue, which stood at US$5.1 billion in April, registered a month-on-month increase of 5.6%.
Major export growth included crude oil at US$3.5 billion, up 46.2% from a year earlier, garments at US$2.6 billion, up 24.5% and footwear at US$1.3 billion, up 15.7%.
Meanwhile, rice exporters earned US$775 million in the first' four months, rising roughly 72%, thanks to the price increase in the global market.
Rice exports, currently sold at US$1,200 per tonne, three times more than earlier months, would help Vietnam to reduce trade deficit in the coming months, experts from the GSO said.
However, the import surge mainly stemmed from a high demand for materials, equipment and machines for production and construction.
Import values on equipment and machines jumped to US$4.6 billion, up 47% against a year earlier, mostly from China with US$883 million, Japan, US$633 million, Germany, US$242 and South Korea, US$223 million.
Meanwhile, imports of automobile and automobile parts and equipment saw a sharp rise in the first four months at US$991 million, up 333% year-on-year in which CBU (complete built unit) autos accounted for US$483 million.
The import value of petrol hit US$3.7 billion, rising 70.2%, imports of many other commodities have also risen, including steel, iron, fertilisers, plastics, wooden materials and automobiles.
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