Vietnam’s import-export turnover increases 22% in 11 months

VietNamNet Bridge - The total import-export turnover of Vietnam has reached US$139.22 billion in the first eleven months of the year, an increase of 21.9 percent over the same period last year, said General Directorate of Customs.

Seafood sees the highest growth in export revenue at an estimated $4.9 billion, 6.5 percent higher than planned, a year-on-year increase of 16.4 percent.

In the past 11 months, export turnover posted more than $64.28 billion, a 24.5 percent year-on-year increase.

The growth of export turnover in the past 11 months was attributed to the increase in most commodity prices, including agricultural products from 4.8 percent to 83.8 percent; crude oil, 33.9 percent; and coal, 53.2 percent.

Of agricultural product, cassava saw the highest increase of 83.8 per cent; rubber, 81.2 percent; cashew, 21.2 percent; pepper, 39 percent; tea, 11 percent; and rice, 4.8 percent.

Although facing difficulties regarding input materials and trade barriers from foreign markets, seafood still saw the highest growth in export revenue at an estimated $4.9 billion, 6.5 percent higher than planned, a year-on-year increase of 16.4 percent.

Rice export prices surged significantly since the beginning of last month, ranging from $490 to $500 per ton. Higher export prices and stable demand for rice from importers will assure rice export revenues reach 6.6 million tons or $3.08 billion for the entire year.

The Ministry of Industry and Trade (MIT) announced that there was a shortage of coffee supply for the global market, causing coffee prices to continue increasing which in turn would buoy Viet Nam's coffee products. This year, coffee exports were estimated at 1.15 million tons accounting for a revenue of $1.74 billion, 4.5 percent higher in volume and 1.5 percent greater in earnings than expected.

Export rubber revenues will reach $2.23 billion, increasing $956 million. Despite an increase in costs for input materials, textile and garment revenues exceeded $1billion last month.

MIT estimated textile and garment revenues of the entire year would total $11 billion, a year-on-year increase of 21.3 percent, surpassing the 5.1 percent planned, worth $500 million.

While import turnover over the past 11 months climbed to $75 billion, a 19.8% increase year on year. By November 2010, trade gap stood at $10.7 billion, as much as 16.7% of total export turnover.
According to economists, more effective measures must be taken to stabilize the national economy while Vietnamese Dong- US dollar exchange rate remains high and the trade deficit continues.Source: SGGP