In the first quarter of 2013, continued export growth and controlled trade deficit played an important part in driving up GDP, creating jobs, boosting consumer goods sales and reducing inventories. However, Vietnam is forecast to face with persisting difficulties when prices decline and production output of some staple crops shrank.
Exports outpaced imports in the first quarter, thus helping improve the balance of trade. Export turnover totalled US$29.68 billion in the first quarter of 2013, up 19.7 per cent over the same period in 2012 while spending on imports reached US$29.2 billion, up 17 per cent year on year.
Foreign-led companies earned US$19.25 billion from exports in the quarter, including crude oil, accounting for 65 per cent of the country’s exports, and increasing 25.6 per cent year on year. If crude oil was excluded, the value was US$17.36 billion, up 27.1 per cent year on year.
However, Vietnam did not see an advantage in selling prices in the first quarter of 2013. The overall average price slid. Some items experienced very sharp drops in export prices like ores (down49.1 per cent) and coal (down 25.5 per cent).
As prices dropped, the export growth was made by the rise in volume. Particularly, cashew nut prices slumped 16.7 per cent while export volume surged 27.1 per cent. Pepper prices dipped 3.2 per cent but volume hiked 83.5 per cent. Rice price skidded 13.6 per cent while shipments expanded 20 per cent. Coal price sank 26.7 per cent while the volume augmented 18.8 per cent. Crude oil price slipped 3.7 per cent but volume soared 30.4 per cent. Iron and steel prices shed 10.6 per cent but the amount climbed 32 per cent.
As export prices have decreased exports of agricultural products fell by 127 million, exports of mineral fuel group fell 328 million. For 2 groups of commodities by reducing export prices decreased 456 million in export turnover. Price drop caused a drop in rice export at US$127 million and ores at US$328 million, totalling US$456 million.
Some commodities saw a drop in volume exported, including rubber (down 9.3 per cent), coffee (4.6 per cent), tea (4.3 per cent). The decline in agricultural product export was attributed to unfavourable weather. Drought in southern provinces caused coffee, rubber, tea and other farm produce output to fall. Fuel and mineral exports increased, except for petroleum products.
All export markets except for Africa recorded a positive growth. Earnings from the EU market expanded 32.1 per cent; Asia, 19.5 per cent; Americas, 17.8 per cent. Exports to the US market increased 16.9 per cent in the period but the Chile rewarded Vietnam with the highest growth of over 2 times. African market however plummeted nearly 14 per cent.
The importation of necessary goods rose 15.2 per cent year on year in the first quarter of 2013. High-growing imports by volume included cashew nuts, crude oil, fertiliser, cotton, paper, metals, and automobiles. Meanwhile, many imports also sharply slumped in volume, for instance, wheat, soybeans, petroleum, liquefied gas, urea fertiliser, rubber, and steel ingot.
Vietnam enjoyed a trade surplus of US$482 million in the quarter. Vietnamese-invested companies incurred a deficit of more than US$2.6 billion but the foreign-led sector bagged a surplus of more than US$3.1 billion.
Huong Ly
Vietnamese
