Vietnam Posts Export Slowdown in February

Vietnam is estimated to earn US$1.9 billion from exports in February, representing a decrease of more than US$100 million against January, but still jumping 16.2 per cent against the same period last year.

The decrease was attributed to the holidays during the country's traditional Lunar New Year festivals, which fell on February 8-11, according to the Ministry of Trade (MoT).

The foreign-invested sector has contributed more than 60 per cent of the total export revenues in February (or US$1.1 billion). Local enterprises earned US$795 million, up 6.9 per cent year-on-year.

Staples obtaining high increases include crude oil, with an export turnover of US$455 million. Other industrial products saw considerable growths, with textile and garments reaching US$260 million (up by 87.8 per cent); and electronic appliances, US$85 million (up by 57.9 per cent). Footwear exports have earned US$200 million this month, or a 4.5 per cent year-on-year rise. 

Agricultural products also saw good export results. Rice export valued US$74 million, rising by 37 per cent on-year. Vegetables, rubber and cashew reportedly rose considerably while coffee exports decreased by 4.2 per cent.

According to forecast of the Ministry of Trade, world rice price still stays at high level, benefiting local rice exporters.

Meanwhile, local bike and component exporters, who are facing a possible lawsuit on dumping on the Canadian market, tumbled by 42 per cent in export revenues, reaching only US$12 million.

The national import turnover during the month increased 24 per cent to US$2.3 billion as compared to the same period last year. High-value imported items are machinery and equipment, materials for the textile and garment industry, computers and electronic components. 

Vietnam targeted total export revenues in 2004 of more than US$30 billion. It can achieve a figure US$31.5 billion in 2005. Apart from traditional export markets such as the US, EU and Japan, local enterprises will be encouraged to penetrate into new markers including countries in Africa and the Middle East.

• Viet Phong