5:59:14 PM | 1/28/2009
's trade gap in January is estimated to have sharply narrowed by 87.5 per cent on year to US$300 million as Communist Vietnam is estimated to have cut down on imports of machinery, petrol, steel, fertilizer amid the global economic slowdown, according to the government-run General Statistics Office.
is estimated to have imported US$4.1 billion of goods in January, down 44.8 per cent on year and down 27.6 per cent on month, the GSO said.
In January, imports of petroleum products dropped 75.2 per cent on year to US$244 million, of steel fell 82.3 per cent to US$155 million, of machinery and equipment declined 19.5 per cent to US$1 billion, of fertilizer 61.9 per cent to US$47 million, of plastic shrank 53 per cent to US$130 million and of automobiles and spare parts were down 72 per cent to US$69 million.
Meanwhile, exports are forecast to have dropped 24.2 per cent on year to US$3.8 billion, and down 18.6 per cent on month due to shrinking demand of its major export markets including the , EU and by the global downturn.
Vietnam's main forex earners include crude oil which are estimated to have sharply fallen by 52.4 per cent to US$424 million in value, but up 12.4 per cent on year to 1.4 million metric tons in volume and apparels have dropped 33.2 per cent to US$550 million.
Exports of footwear products are estimated to have fallen 26 per cent to US$350 million, seafood products down 18.6 per cent on year to US$250 million, coffee down 30.2 per cent to US$217 million, furniture products declined 31.8 per cent to US$200 million and rice are estimated to have risen 2.5 folds to US$130 million.
Last year, ’s trade deficit was US$17 billion, up from US$12.4 billion in 2007. (GSO)
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