The country's export value went down by 22.2 percent 3.9 billion USD in February alone, and export revenues in the first two months of this year stood at only 8.9 billion USD, according to the General Statistics Office (GSO).
Le Minh Thuy, an official of the GSO, attributed the decrease in exports in February and in the first two months to the prolonged traditional Lunar New Year (Tet) holidays.
In the first two months of this year, exports from the foreign-invested sector reached over 5.3 billion VND, including crude oil, which saw a 26.2 percent year-on-year increase. Meanwhile, the domestic economic sector saw a slowdown in exports, reaching 3.88 billion USD, or a decrease of 21.2 percent.
According to Thuy, in the first two months of this year, the country's exports saw advantages, as prices in exports increased in the world market thanks to the global economic recovery.
For instance, rubber prices rose by 82.6 percent and crude oil was up by 63.9 percent. Coal and rice increased by 59 and 25 percent, respectively.
Industrial exports saw handsome increases in turnover: electrical wires rose by 99.7 percent to 168 million USD, garment and textile items increased by 16.8 percent to 1.5 billion USD, and wood and wooden products were up by 29.2 percent to 467 million USD.
However, the increase in imports at a value of more than 10 billion USD, or an increase of 39.6 percent, was also attributed to increased prices on the world market for basic
commodities such as petrol and raw materials after the recovery of the global economy.
Of the imported items, petrol increased by 20.1 percent to 939 million USD, steel saw an import value of 616 million USD, up 34.6 percent, and paper and clothes increased by 5.6 percent and 9.3 percent to 102 million USD and 523 million USD, respectively.
The trade deficit in the first two months stood at 1.75 billion USD due to an increase in imports.
Thuy warned that the trade deficit would continue to return as the State Bank adjusted the exchange rate of the US dollar and the Vietnamese dong and there were no stable signals of economic recovery for the biggest importers of Viet Nam (the US and the EU)./.
Le Minh Thuy, an official of the GSO, attributed the decrease in exports in February and in the first two months to the prolonged traditional Lunar New Year (Tet) holidays.
In the first two months of this year, exports from the foreign-invested sector reached over 5.3 billion VND, including crude oil, which saw a 26.2 percent year-on-year increase. Meanwhile, the domestic economic sector saw a slowdown in exports, reaching 3.88 billion USD, or a decrease of 21.2 percent.
According to Thuy, in the first two months of this year, the country's exports saw advantages, as prices in exports increased in the world market thanks to the global economic recovery.
For instance, rubber prices rose by 82.6 percent and crude oil was up by 63.9 percent. Coal and rice increased by 59 and 25 percent, respectively.
Industrial exports saw handsome increases in turnover: electrical wires rose by 99.7 percent to 168 million USD, garment and textile items increased by 16.8 percent to 1.5 billion USD, and wood and wooden products were up by 29.2 percent to 467 million USD.
However, the increase in imports at a value of more than 10 billion USD, or an increase of 39.6 percent, was also attributed to increased prices on the world market for basic
commodities such as petrol and raw materials after the recovery of the global economy.
Of the imported items, petrol increased by 20.1 percent to 939 million USD, steel saw an import value of 616 million USD, up 34.6 percent, and paper and clothes increased by 5.6 percent and 9.3 percent to 102 million USD and 523 million USD, respectively.
The trade deficit in the first two months stood at 1.75 billion USD due to an increase in imports.
Thuy warned that the trade deficit would continue to return as the State Bank adjusted the exchange rate of the US dollar and the Vietnamese dong and there were no stable signals of economic recovery for the biggest importers of Viet Nam (the US and the EU)./.
