Exports prove to be a good news story
Exports prove to be a good news story
Vietnam’s exports are painting a bright picture. The General Statistics Office (GSO) last week reported Vietnam’s export earnings in the past three quarters soared 18.9 per cent on-year to $83.8 billion, triggering hope for the beating of the National Assembly’s target of $108.5 billion reaped from exports in 2012.
Agricultural exports increased slightly to $11.1 billion, up 6.2 per cent on-year. Notably, Vietnam’s rice exports have lost from market price fall as the world’s biggest rice exporter had to ship 4.5 per cent more in volume to gain 6.1 per cent less in value compared to the first nine months of 2011.
Meanwhile wood exports promise a better prospect with American, Chinese and Japanese markets expected to import more from Vietnam in the next months, said Dang Quoc Hung, deputy chairman of Ho Chi Minh City’s Handicraft and Wood Industry Association.
Hung said Vietnam wood exports could exceed the $3.95 billion mark in 2011 to reach $4.6 billion this year thanks to such market expansion.
Vietnam’s garment and textile exports grew 8.4 per cent on-year to $11.3 billion in the year’s first three quarters, but the pace was much lower than the 30 per cent rate achieved one year ago.
Ngo Trung Kien, chairman of Sau Gon 2 Garment Joint Stock Company said that meant “enterprises are only working to keep their customers. It is hard to attain [high] growth rate and profits”.
Pham Xuan Hong, deputy chairman of Vietnam Textile and Apparel Association (Vitas), said in 2012’s third quarter, orders from Vietnam’s largest textile and apparel markets including the US and the EU drop by 5 per cent from the second quarter.
Textile and apparel products are among Vietnam’s top export earners. The GSO also announced Vietnam’s imports rose 6.6 per cent on-year to $83.7 billion, resulting in a trade surplus of $100 million.
However, given September’s export earnings and import value of $9.7 billion and $9.8 billion respectively, Vietnam saw trade deficit come back last month after three consecutive months recording trade surpluses.
“I think it [trade deficit] is a positive signal, showing enterprises are boosting business and production for the remaining months of this year,” said economist Nguyen Minh Phong from Hanoi Institute of Socio-economic Development, referring to nearly 2,000 enterprises resuming operation in June and July.
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