Vietnam’s Exports Continue Falling amid Global Financial Crisis

The on-going global financial crisis and falling prices of several key export staples, especially tumbling price of crude oil have mainly attributed to country’s decrease in export value this month to US$4.8 billion, down 4.76 per cent on-month but up 5.72 per cent on-year, according to the General Statistics Office (GSO).

 

This is the third consecutive month Vietnam have seen export value fall, said the GSO.

 

The figure has raised Vietnam’s total export earning to US$58.54 billion in January-November, up 34 per cent on-year.

 

Among the country’s export staples, crude oil still tops the list with 12.41 million tons worth US$9.94 billion, down 10.2 per cent on-year in volume but up 30.9 per cent in value.

 

It is followed by garments and textiles with US$8.37 billion, up 19.1 per cent, seafood with US$4.27 billion, up 24.8 per cent, footwear with US$4.22 billion, up 18.3 per cent, rice with 4.32 million tons worth US$2.71 billion, down 2.7 per cent and up 89.1 per cent, respectively, woodwork products with US$2.55 billion, up 19.9 per cent, electronics and computers with US$2.52 billion, up 29.5 per cent, coffee with US$1.77 billion, up 6.6 per cent, rubber with US$1.53 billion, up 24.8 per cent and coal with US$1.37 billion, up 50.5 per cent.

 

Vietnam is estimated to spend US$5.3 billion in November, down from US$5.7 billion in October, lifting Vietnam’s whole import spending to US$75.42 billion on imports, up 38.4 per cent on-year. Of which, the domestic sector imports US$48.94 billion, up 40 per cent on-year and the foreign invested sector of US$26.48 billion, up 35.6 per cent.

 

The figures result in the country’s trade deficit of US$16.88 billion, up 55.57 per cent on-year. The slower growth of trade deficit in recent months proves the efficiency of the country’s measures to slow down increasing import trend. This means that Vietnam’s expectation of a smaller trade deficit of US$19 billion this year [instead of initial predicted figure of US$20 billion] is within its hands.  

 

During the eleven-month span, Vietnam spends most on machinery and equipment (US$12.59 billion, up 34.6 per cent on-year), fuels (US$10.55 billion, up 58.3 per cent), steel and iron (US$6.36 billion, up 46.3 per cent), cloths (US$4.16 billion, up 15 per cent), electronics, computers and spare parts (US$3.38 billion, up 28.1 per cent), automobile (US$2.41 billion, up 94.7 per cent), apparel and leather accessories (US$2.24 billion, up 13.3 per cent), chemicals (US$1.69 billion, up 30.3 per cent), plastics (US$1.65 billion, down 26.2 per cent), animal feed (US$1.64 billion, up 58.6 per cent), chemical products (US$1.51 billion, up 315.3 per cent), and fertilizer (US$1.46 billion, up 69.7 per cent).