Market and product

Export Targets Exceeded

12:06 AM @ Monday - 01 January, 1900

(VEN) - Favorable conditions in terms of prices and markets have helped Vietnam obtain high export revenue in some fields, contributing to boosting export growth and narrowing the trade deficit in last 11 months.

According to the Ministry of Industry and Trade, Vietnam has several advantages in exporting products due to favorable prices and markets. The most typical is coffee. Coffee prices in last 11 months were 49.3 percent higher than the same months last year. Prices of other products have increased such as cashew nuts by 45.2 percent, pepper 66.5 percent, rubber 37.3 percent, crude oil 43.6 percent and oil and gas 37.9 percent. Prices of other products such as, rice, cassava and products made of cassava, ores and minerals and coal increased from between 3.4 and 19.3 percent.
Export volume of some products also increased. Export volume of cassava and products made of cassava increased 58.5 percent, with iron and steel increasing 43.4 percent, ores and minerals 16 percent, oil and gas 15.2 percent, pepper 10.3 percent, rice 6.2 percent, and crude oil 5.1 percent.
Despite the world economic difficulties and decreased purchasing power, export revenues to traditional markets increased. Export revenue to ASEAN countries increased 30.6 percent and accounted for 14.1 percent of all exports. Export revenue to Japan increased 38.2 percent and accounted for 11 percent. Export revenue to the US increased 19.2 percent and accounted for more than 17.6 percent and export revenue to the EU countries increased 48.2 percent and accounted for 17 percent.
The Ministry of Industry and Trade said that export revenue in November reached US$8.6 billion, marking an increase of 2.4 percent from October and 28.2 percent from the same month last year. Export revenue in the first 11 months of this year totaled nearly US$87.2 billion, an increase of 34.7 percent from the same months of last year. Up to now, 23 products have obtained export revenue of more than US$1 billion. Among those, five products have export revenue of more than US$5 billion, including apparels (US$12.8 billion), crude oil (US$6.7 billion), phone and phone spare parts (US$6.2 billion), footwear (US$5.7 billion), and aquatic products (US$5.5 billion).
At the beginning of the year, it was estimated that export revenue would reach US$78.8 billion, but Vietnam has already exceeded its export revenue targets.
Vietnam has also obtained significant results in imports. According to the Ministry of Industry and Trade, in the first 11 months of this year, import revenue reached nearly US$96.1 billion, an increase of 26.4 percent from the same months of last year. Import revenue of necessary products was US$77 billion, an increase of 23.3 percent and accounted for 80.2 percent of total import revenue. Import revenue of products under supervision was US$7.2 billion, an increase of 42.7 percent and accounted for 7.5 percent. Import revenue of products which have been limited imports as US$6.7 billion, an increase of 77.4 percent and accounted for 5.3 percent.
Imports under control and high export growth have helped Vietnam narrow the trade deficit. In the first 11 months of this year, the trade deficit stood at US$8.9 billion, equal to 10.22 percent of export revenue. Compared to the target of 18 percent, this figure marks a major decline. Although the target of reaching balanced trade by 2010 had not been realized, worries of a pitiful export performance have been driven off and the country is looking forward to a positive trade balance in the near future./.
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