Trade deficit hits USD10.2 billion for first 11 months of 2009

The General Statistics Office (GSO) of Vietnam reported that export turnover in November 2009 totaled USD4.8 billion, raising the figure for the first 11 months of 2009 to USD51.4, an 11.4% year on year decrease. Import turnover for the same period was USD6.55 billion; USD61.603 billion, a 17.9% decrease.
The trade deficit reached an estimated USD1.75 billion in November 2009. The figure totaled at USD10.2 billion for the first 11 months of 2009 and was expected to increase in the final month of 2009.

In regards to volume and value of exports, 25 export commodities and products enjoyed increases in volume compared to the same period last year. Some products saw a surge in value and volume. 8 commodities and products saw increases, such as, pepper with 52.3% and 11.8% increases in volume and value, tea with 27.8% and 19.2% increases in volume and value, while rice exports had an increase of 33.5% in volume but a 5.8% decrease in value. The reason being there were decreases in orders for almost all commodities.

For import, among 27 listed commodities, a majority showed increases in volume (except CBU motorbikes with a 12.5% decrease). On the contrary, only 4 commodities enjoyed increases in value.

The GSO commented that fixed preferential policies for import till the end of December 2009 and recovery signs of some major markets can be a driving force for businesses to import more for the remainder of the year.

Source: CPV online