5:05:32 PM | 13/11/2008
Vietnam is facing emerging risks of increasing import trend leading to the country’s growing trade deficit in the coming months amid decreasing export value triggered by the global financial crisis, warned the Ministry of Industry and Trade (MoIT).
The stumbling prices of most necessary commodities in the world market, that Vietnam has great demands, will facilitate domestic traders’ import activities to balance prices of imported goods in the past months.
The exchange rate of VND/EUR,£,AUD has been falling, encouraging the country’s imports from these markets.
In addition, local demands for goods, especially luxuries such as cosmetics, wines and footwear during Tet holiday always jump sharply, accelerating import value, the ministry said.
Meanwhile, local exporters are facing smaller revenues due to global price plunge resulted from the global financial crisis. This will lead to big gap between export and import values, added the ministry.
Vietnam’s trade deficit in the first ten months of this year stood at US$16.3 billion, an on-year increase of 76.59 per cent, said the General Statistics Office (GSO).
The country reaped US$53.77 billion from goods shipments during the time, up 36.7 per cent on-year and spent US$70.07 billion on imports, up 42.6 per cent. (Pioneer, Vietnam Economic Times)
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