Sunday, August 20, 2017 - 11:22:01

2014 exports to grow 10 percent as expected: paper

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Head of the Export and Import Department under the Ministry of Industry and Trade Phan Van Chinh said at a recent ministerial meeting in Hanoi that exports would likely reach the goal of 10 percent growth this year, the Vietnam Economic News reported on June 6.

Statistics from the Ministry of Industry and Trade showed that national exports reached about 12 billion USD this May but registered an 8.2 percent drop from April and a 3.5 percent increase from a year ago. Export revenues amounted to about 58.5 billion USD in the first five months of this year, a 15.4 percent increase from the same period last year.

Chinh said that export earnings this May fell as a result of worker strikes which affected a number of foreign direct investment (FDI) enterprises. In addition, businesses did not work during three holidays in May, affecting export revenues.

However, exports in the first five months of this year showed positive signs compared with a year ago. Specifically, exports from the 100 percent domestic invested sector reached about 19.05 billion USD, accounting for 32.6 percent of total export earnings and increasing by 11.9 percent in the first five months of this year compared with the 3.6 percent in the same period last year.

The growth was largely attributed to FDI enterprises which mostly exported high-tech and high-value products contributing a large percentage of total export revenues. Chinh said that exports from the domestic sector showed signs of remarkable growth.

In terms of goods categories, industrially processed exports continued to play a major role in the five months reaching almost 42.4 billion USD, accounting for 72.4 percent of total export revenues, increasing by 17.6 percent from a year ago and contributing tremendously to the national export growth.

Meanwhile, mineral and fuel exports reached almost 4 billion USD, accounting for 6.8 percent of total export earnings and falling by 3.5 percent.

“To increase exports by 10 percent this year we need to earn an average of 12.4 billion USD per month. Given the growth in March and April, this goal is likely to be reached,” Chinh was quoted as saying.

Imports were estimated at 12.4 billion USD in May, a 1.1 percent increase from April and a 1 percent increase from May 2013. The figure reached almost 56.9 billion USD in the first five months of this year, a 9.6 percent increase from a year ago.

Imports, which were necessary for domestic production, consumption and export processing, continued to increase by 9 percent to 50.4 billion USD, accounting for 88.6 percent of total import revenues.

Many kinds of material imports increased in volume as a result of falling prices. Meanwhile, must-be-controlled imports accounted for only 4.1 percent of total imports in the five months and restricted imports accounted for 4.4 percent.

The trade deficit reached 400 million USD in May, accounting for 3.3 percent of total export revenues. However, the country recorded a trade surplus of 1.65 billion USD in the first five months of this year.-VNA

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