8:57:16 AM | 20/10/2008
Vietnam is forecast to incur a smaller trade deficit of US$19 billion this year, down from the initial expected figure of US$20 billion, but up 53.22 per cent on-year, the Ministry of Industry and Trade (MoIT) Oct 15 told a meeting reviewing export situation in the first quarters of the year.
The nation is expected to rake in US$65 billion from goods exports and spend US$84 billion for imports in 2008, up 34.35 per cent and 38 per cent on-year.
This year’s estimated trade deficit value will account for 29.2 per cent of the country’s total export turnover, said the ministry.
Vice MoIT Minister Nguyen Thanh Bien said export growth will slow down in the rest months of this year due to the global finical crisis and foreseeable decreases in both volume and value of the country’s key exports like footwear, garments and textiles, and rice.
The falling prices of crude oil, coal and rice in the world market will directly affect Vietnam’s export value for 2009 as these are Vietnam’s export staples, he noted.
Mr Bien added that the country’s export value may rise about 18 per cent next year.
The General Statistics Office (GSO) showed that the country earned US$48.57 billion from exports in the first three quarters of this year, up 39 per cent on-year, and spent US$64.4 billion on imports, up 48.3 per cent. (Youth, Vietnam Economic Times, GSO Sept 2008)
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