Export turnover fetches handsome revenues

27 Aug '08

2 min read

Export turnover of Vietnam in the first eight months of this year touched US $43.3 billion, marking a year on year increase of 39 percent.

As many as nine major products of the 'one billion US dollar' club have fulfilled their targets of which crude oil continued to top the chart fetching $7.88 billion in the period between January-August this year. Garments and textile followed at the second position with a value of 6.044 billion, up by 20 percent than the same period a year ago. Even other industrial products like footwear experienced a high growth rate earning $3.16 billion.

Industrial sources informed Fibre2fashion that in case of certain products, despite a reduction in export volume, a growth in value was recorded. For instance, crude oil went down by 10 percent in volume but still managed an increase of 53 percent in value due to strong surge in petroleum prices.

However, widening trade deficit continues to pose a threat to the overall economic development of the country in this year, which has mounted to US $16 billion and thereby accounting for nearly 37 percent of the total export turnover.

Import value for the first eight months was estimated at $59.3 billion, up by 54 percent from the same period last year. Of the total, companies in the domestic sector imported goods worth more than $40 billion while foreign companies who have set up units in Vietnam, spent $19.2 billion, posting a year on year surge of 65.4 percent and 41.3 percent respectively.

For the month of August alone, import turnover touched $7 billion, a mere drop of $0.3 billion than the same month in the previous year. On the positive side, the Ministry of Industry and Trade has promised to undertake comprehensive measures to check trade deficit as well as to stabilize the domestic market and ensuring equilibrium in the demand-supply of essential goods.

Fibre2fashion News Desk - Vietnam

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