First-half export growth hits double digits

09:29 AM @ Thursday - 24 June, 2010
Export turnovers rose by 16 percent year on year to over 32 billion USDin the first six months of this year, reported the Ministry of Planningand Investment (MPI).

The global economic reboundand rises in world prices were attributable to the surge in exportvalues.

Growth leaders include electricity wiresand cables with revenues up by almost 87 percent, machines and equipmentby 68 percent, pepper by over 46 percent, wood and wooden furniture by32.5 percent.

By the end of June, nine of hardcurrency earners joined the 1 billion USD club, namely seafood, rice,crude oil, wood and wooden furniture, apparels, footwear, machines andequipment, electronic appliances and computers, and precious stones andmetals.

The United States remained thebiggest export market forVietnam, accounting for 20 percent of thenational export turnovers. Second and third in the ranking were theAssociation of Southeast Asian Nations (ASEAN), 17 percent, and theEuropean Union, 16 percent.

Five leading marketsfrom which Vietnam enjoyed trade surplus were the US , thePhilippines , Australia , Switzerland and Cambodia .

Economists said the yearly export target of some 63 billion USDwas within reach based on the current positive trend.

Concerns however remained with alarming trade deficits whichincreased 450 million USD month on month to 1.2 billion USD in June.

Consequently, the total trade deficits in the first sixmonths of the year reached 6.7 billion USD, equivalent to 20.9 percentof the gross export turnovers.

Five markets thatbrought in largest trade deficits to Vietnam were China , theRepublic of Korea , Taiwan , Thailand and Singapore .

The Ministry of Industry and Trade (MIT) calculated thatonly by controlling trade deficits at around 12 billion USD in the restof the year could the nation meet the yearly target. The NationalAssembly has set a target of curbing trade deficit at around 20 percentof export turnovers for the whole year.

The MIThas unveiled a plan to help exporters in global marketing, especially incashing on agreements of free trade areas with foreign markets in aneffort to boost exports and curb trade deficits.

The ministry has also encouraged exporters to boost the shipments ofproducts of high added values and free from quotas such as electronicappliances, technology and engineering products.

Arosy picture of exports has brought in positive signs of the nationaleconomy with GDP growth up by around 6 percent in the first half of theyear, according to the Ministry of Planning and Investment. The growthwas reported in two consecutive quarters at the rate of 5.83 percent inthe first quarter and between 6.2 and 6.4 percent in the second quarter.

The sector of agriculture, forestry and fisheriesgrew by between 2.7 and 3.2 percent, industry and construction by 6-6.7percent and services by 6.8-7.2 percent./.

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