1:53:36 PM | 5/11/2008
The Ministry of Finance said that Vietnam had seen trade deficit down 5.2 per cent on month to US$700 million in Oct, bringing up the Jan-Oct trade deficit to US$16.29 billion, the state-run Labor newspaper said on November 4.
Exports in Oct was estimated at US$5.1 billion, down 3.3 per cent on month, the General Statistics office said, attributing the reduction in exports value to sharp decreases in export prices at the global market due to the global financial crisis, which pushed down prices of key exports of Vietnam.
Except for crude oil, volumes of rice were down 21 per cent, cashew nuts by 12.5 per cent, rubber by 7 per cent and coffee by 6 per cent, the newswire cafef.channel.net said.
PhD Le Hong Giang told Cafef that the financial crisis is having bad impacts on opening Letter of Credit (L/C) of importers and seaway transportation freights of dry cargoes sharply dropped, therefore, global producers rely on material inventories to continue their production," Giang said.
The government of Vietnam is seeking to boost exports by expanding it to emerging markets including China and Russia as well as boost domestic production. (Labor)
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