Vietnam is estimated to reap $15.08 billion from exports in the first five months of this year, up 24.2 per cent on-year, meanwhile the country’s import spending is forecast at $16 billion, up 7.3 per cent on-year, according to the government’s General Statistics Office (GSO).
The figures include $3.2 billion and $3.6 billion in export and import values in May, up 32.2 per cent and 9.3 per cent on-year, respectively, resulting in an estimated trade deficit of $400 million this month.
Of the total export value in January-May, foreign-invested firms are likely to earn $6.31 billion, up 18.2 per cent on-year, meanwhile, domestic firms are estimated to fetch $8.77 billion, 29 per cent on-year.
Together with crude oil, garments and textiles, footwear and seafood are the first export items to exceed $1 billion in export values during the period.
Garments and textiles fetch over $2.12 billion, up 31.1 per cent on-year. Footwear export revenues increase by 21.1 per cent to $1.36 billion, followed by seafood with $1.09 billion in export turnover, up 23.2 per cent on-year.
Among the key farm produce category, rice exports report decreases in both volume and value. The country ships around 2 million tons of rice, totaling $600 million, down 4 per cent and 6 per cent on-year, respectively.
Meanwhile, coffee raked in $506 million from 446,000 exported tons, down 17.3 per cent in volume and up 25.7 per cent in value.
Notably, rubber enjoys rocket growths in both volume and value. The country exports 221,000 tons worth $376 million, up 40.5 per cent and 101.3 per cent on-year.
Bicycle and spare part exports continue to fall by 10.8 per cent in the five-months to $74 million, due to the impacts of an anti-dumping lawsuit in the EU.
Exports of other manufactured products see high growth rates including woodwork products with $803 million, up 29.8 per cent and electronics and computer parts with $636 million, up 18 per cent
According to the Ministry of Trade, price hikes of exports are mainly attributed to strong jump of export value in the period. Up to $2.1 billion out of $2.94 billion of on-year export value growth results from price increases.
During the five month period, Vietnam continues spending the most on the import of machinery and equipment ($2.4 billion, up 13.2 per cent), fuels ($2.3 billion, up 17.8 per cent), clothes ($1.17 billion, up 34.3 per cent), steel and iron ($1.03 billion, down 17.8 per cent), garment and textiles accessories ($841 million, down 3.8 per cent), electronic spare parts ($765 million, up17.2 per cent) and plastics ($692 million, up 27.5 per cent).
In 2006, Vietnam’s export growth rate is forecast at 18.5 per cent to reach $38.44 billion while the import rate is estimated at 14-16 per cent to $42-43 billion.
The country is expected to earn an annual export growth of 17.5 per cent in the 2006-2010 period with a total value of nearly $272 billion, according to a project mapped out by the Ministry of Trade.
GSO, Vietnam Economic Times
Vietnamese
