Vietnam's H1 Exports Forecast to Fall 10 per cent to US$27.57B

The total value of Vietnam’s goods exports in the first half of this year is estimated to decrease by 10 per cent on-year to US$27.57 billion, which only meets 42.7 per cent of the full-year target, Deputy Minister of Industry and Trade Bui Xuan Khu said at a press briefing Jun 17.

 

The steep decline in the value of Vietnam’s staple exports in world markets is mainly attributed to the decrease in worldwide prices, said Mr Khu giving no details.

 

The country’s exports to its traditional markets of the U.S., the EU, ASEAN also drop with respective figures of 7 per cent, 10 per cent and 6 per cent during the period due to the ongoing global economic downturn, he added.

 

The deputy minister is also concerned that Vietnam will find it hard to realize its revised export target of 3 per cent growth this year to US$64.5 billion.

 

Vietnam is forecast to spend US$30.64 billion in imports, down 31.6 per cent on-year during the first half.

 

The figures represent Vietnam’s trade deficit of US$3.07 billion during the time, down from US$14.211 billion in the same period last year. (Urban Economy, GSO 2008)