Hanoi's trade deficit reaches nearly 10 billion USD, while HCM Cityreaps a trade surplus of about 300 million USD in the first nine monthsof this year, statistics offices in the two cities stated.
In Hanoi, the trade deficit almost doubles the export value, thestatistics office reports, adding that in the first nine months of thisyear, the city is expected to earn an export revenue of 5.5 billion USD,a year-on-year increase of 19.5 percent.
Meanwhile, the import value rises by 18.2 percent to 15.5 billion USD.
In September alone, Hanoi's trade gap is predicted to hit 1.08 billionUSD, up 70 million USD over August. Export revenue is expected to drop0.3 percent against the previous month to 680 million USD, while importturnover is expected to rise 1.3 percent to 1.76 billion USD.
“It is easy to understand why Hanoi has a big trade gap. It is a largedeveloping city with a high demand for machinery, equipment,accessories and materials for construction projects," said an officialfrom the statistics office's trade section.
She,however, added that in the first nine months of the year, huge sums arespent on imported luxury goods such as cars, wine, cigarettes andinterior furnishings.
The Hanoi Statistics Officeearlier forecast that the capital would suffer a trade deficit of 13.8billion USD in 2010, with exports earning just 7.6 billion USD andimports 21.4 billion USD.
From January to September2010, HCM City's import turnover is estimated to reach nearly 15.5billion USD, a year-on-year increase of 12.6 percent. Its export valueis predicted to reach 15.8 billion USD, representing a year-on-yearincrease of just 1 percent.
In the coming months,export turnover should rise as market demand would typically rise in thelast months of the year, the city's Statistics Office stated. AlthoughHCM City experiences a trade surplus, the office reports that exportersare encountering persistent difficulties.
Officialssaid the price of raw materials is increasing, which would affectexporters' competitiveness. They also said the city is suffering ashortage of skilled workers and that some industries are facing materialshortages, both of which are hitting exports.
In September alone, the city's export revenue month-on-month drops 9.7 percent to 1.7 billion USD.
Meanwhile, the decrease in gold and crude export volumes alsocontributed to the fall in the city's total export value, officialssaid./.
In Hanoi, the trade deficit almost doubles the export value, thestatistics office reports, adding that in the first nine months of thisyear, the city is expected to earn an export revenue of 5.5 billion USD,a year-on-year increase of 19.5 percent.
Meanwhile, the import value rises by 18.2 percent to 15.5 billion USD.
In September alone, Hanoi's trade gap is predicted to hit 1.08 billionUSD, up 70 million USD over August. Export revenue is expected to drop0.3 percent against the previous month to 680 million USD, while importturnover is expected to rise 1.3 percent to 1.76 billion USD.
“It is easy to understand why Hanoi has a big trade gap. It is a largedeveloping city with a high demand for machinery, equipment,accessories and materials for construction projects," said an officialfrom the statistics office's trade section.
She,however, added that in the first nine months of the year, huge sums arespent on imported luxury goods such as cars, wine, cigarettes andinterior furnishings.
The Hanoi Statistics Officeearlier forecast that the capital would suffer a trade deficit of 13.8billion USD in 2010, with exports earning just 7.6 billion USD andimports 21.4 billion USD.
From January to September2010, HCM City's import turnover is estimated to reach nearly 15.5billion USD, a year-on-year increase of 12.6 percent. Its export valueis predicted to reach 15.8 billion USD, representing a year-on-yearincrease of just 1 percent.
In the coming months,export turnover should rise as market demand would typically rise in thelast months of the year, the city's Statistics Office stated. AlthoughHCM City experiences a trade surplus, the office reports that exportersare encountering persistent difficulties.
Officialssaid the price of raw materials is increasing, which would affectexporters' competitiveness. They also said the city is suffering ashortage of skilled workers and that some industries are facing materialshortages, both of which are hitting exports.
In September alone, the city's export revenue month-on-month drops 9.7 percent to 1.7 billion USD.
Meanwhile, the decrease in gold and crude export volumes alsocontributed to the fall in the city's total export value, officialssaid./.
