Vietnam is forecast to pull in US$18.73 billion from exports in the first half of this year, up 25.7 per cent on-year, while the country is estimated to spend US$20.71 billion for imports, up 14.1 per cent on-year, according to the Ministry of Planning and Investment (MPI).
The figure results in a trade deficit of US$1.98 billion during the period, down 44.5 per cent on-year. This is a positive sign for Vietnam because Vietnamese exports have not yet enjoyed the preferential tariffs that come with being a WTO member, but export revenues still see sharp increases. This means that the competitiveness of local products in the world market has been improved remarkably, said the MPI.
Of the total export value in the first half, foreign-invested enterprises contribute US$10.86 billion, up 27.8 per cent on-year.
The six-month span witnesses sharp on-year increases in volume of coal, up 63.6 per cent, rubber, up 44 per cent and tea, up 29 per cent. Meanwhile, electric wires and cables, garments and textiles, woodwork products, seafood and footwear enjoy high value growth of 36.7 per cent, 32.7 per cent, 26 per cent, 25.7 per cent, 20.3 per cent, respectively.
In June alone, the country shipped goods worth around US$3.4 billion, equal to the figure of the previous month, surpassing the monthly average value of US$3.12 billion set for this year.
This is a firm foundation for Vietnam to exceed the year’s export target of US$37.44 billion, remarked the ministry.
In January-June, the Southeast Asian country is estimated to import US$20.71 billion worth of goods, up 14.1 per cent on-year, including US$7.55-billion imports of foreign-invested enterprises, up 16.2 per cent.
The import volume of major goods has seen sharp decreases such as completed cars, down 32.7 per cent, fuels, down 8.7 per cent, steel ingot, down 14.4 per cent and fertilizer, down 17.8 per cent.
Moreover, import spending of others like automobile and motorbike components and garment and textiles accessories reduce by 47.8 per cent, 14.5 per cent and 4.2 per cent, respectively.
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