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Controlled imports reduces trade deficit
Aug '08
Sources from Ministry of Industry and Trade depicts that trade deficit control measures have proved beneficial, as import value of the country for the current year, is expected to be US $80.2 billion, which shows reduction of $4.8 billion.

Moreover import of essential products such as fuel, machines and equipment will reach $63 billion value wise, indicating rise of 28.4 percent compared to 2007. But because of low demand, import has decreased compared to previous forecast.

Import value of machine, equipment and spare parts are anticipated to touch $12.5 billion, which is lower than previous forecast $1 billion.

For other products, low demand and high price has resulted into reduction of $12.5 billion in import value.

Market experts are quite pleased with this type of change in trade scenario as Vietnam, by and large, depends a lot on imports of raw material for its local production.

Fibre2fashion News Desk - Vietnam

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