Deputy Minister of Industry and Trade Nguyen Thanh Bien has predicted that the country’s export revenues will reach around 70 billion USD this year, a year-on-year increase of 22.6 percent.
At a meeting in Hanoi on Oct. 26, Bien announced that the nation’s export turnover fetched 57.8 billion USD in the first 10 months of the year, an increase of 23.3 percent over the same period last year (far surpassing the National Assembly-set target of 6 percent).
In the reviewed period, the country earned almost 12 billion USD from exporting seafood and farm produce, a year-on-year increase of 18 percent. Rubber, cashew nuts and pepper were staples recording the highest growths in export volume and value.
Steel, chemicals and rubber products led the processing industries that grossed more than 39.4 billion USD.
The proportions of hi-tech and industrial manufacturing products in the country’s export goods increased while that of raw exports reduced.
Head of the ministry’s import-export department Phan Van Chinh said the production scale and technologies for a number of businesses remained small and backward, so they were not able to meet the demand of big contracts and their goods’ competitiveness was low.
Positive signs can also be seen in imports. Although trade deficit was recorded continuously in the first eight months of the year, the trend has been reversed since September with an export growth of 23.3 percent, compared to the 20.7 percent import growth, for the 10-month period.
Accordingly, the trade deficit rate has fallen from 23.4 percent for the first four months of the year to 16.45 percent for the past 10 months.
Chinh also forecast that import values will not increase sharply in the remaining two months of the year. The country’s import value is forecast to stand at 82.5 billion USD this year, a year-on-year increase of 17.9 percent and trade deficit at around 12.5 billion USD./.
At a meeting in Hanoi on Oct. 26, Bien announced that the nation’s export turnover fetched 57.8 billion USD in the first 10 months of the year, an increase of 23.3 percent over the same period last year (far surpassing the National Assembly-set target of 6 percent).
In the reviewed period, the country earned almost 12 billion USD from exporting seafood and farm produce, a year-on-year increase of 18 percent. Rubber, cashew nuts and pepper were staples recording the highest growths in export volume and value.
Steel, chemicals and rubber products led the processing industries that grossed more than 39.4 billion USD.
The proportions of hi-tech and industrial manufacturing products in the country’s export goods increased while that of raw exports reduced.
Head of the ministry’s import-export department Phan Van Chinh said the production scale and technologies for a number of businesses remained small and backward, so they were not able to meet the demand of big contracts and their goods’ competitiveness was low.
Positive signs can also be seen in imports. Although trade deficit was recorded continuously in the first eight months of the year, the trend has been reversed since September with an export growth of 23.3 percent, compared to the 20.7 percent import growth, for the 10-month period.
Accordingly, the trade deficit rate has fallen from 23.4 percent for the first four months of the year to 16.45 percent for the past 10 months.
Chinh also forecast that import values will not increase sharply in the remaining two months of the year. The country’s import value is forecast to stand at 82.5 billion USD this year, a year-on-year increase of 17.9 percent and trade deficit at around 12.5 billion USD./.
