Export Revenues Lower Than Expected Amid Oil Price Fall
Export revenues fell short of expectation due to sharp drop of oil prices, said Minister of Industry and Trade Vu Huy Hoang at the Government’s video conference on Monday.
Viet Nam set the export growth of 10 per cent this year based on the assumption that oil price would be US$100 per barrel. However, the oil price began dipping since the second quarter, down to around US$35-36 per barrel currently.
It was estimated that Viet Nam lost over US$3 billion from falling oil prices, said Mr. Hoang.
According to a report by the Ministry of Planning and Investment, export turnover was estimated at US$162.44 billion, up 8.1 per cent compared to the target of 10 per cent.
Meanwhile, trade deficit stood at US$3.17 billion, accounting for 2 per cent of total export turnover, much lower than the set band of 5 per cent.
In addition, export turnover of agro-forestry and fishery products decreased by 0.8 per cent to just US$30.14.
Moreover, the country shipped 6.7 million tons of rice, earning US$2.85 billion, down 2.9 per cent in value against last year.
Mr. Hoang expressed his belief that the targeted export growth of 10 per cent for next year would be within reach thanks to a series of effective free trade agreements but the quality of exports, especially food hygiene control must be further improved.
Speaking at the conference, Minister of Agriculture and Rural Development Cao Duc Phat also emphasized that the Ministry would consider food hygiene as the top task in 2016 and conduct drastic measures to prevent the overusing of banned substances and pesticide products.
VGP
Vietnamese
