Vietnam reduces trade deficit

According to the statistics office, the total export and import turnover in November was estimated at US$20.45 billion.

Specifically, export turnover in November was $10.2 billion, while import turnover was about $10.25 billion.

In November alone, the estimated trade deficit was $50 million, showing a reduction in trade deficit.

In the first 11 months of 2012, total import-export turnover is estimated at $207.98 billion. Export turnover of 11 months is estimated at $104 billion, up 18.4 percent over the same period last year; total import turnover reached $103.98 billion, up 6.8 percent compared with the same period last year.

Thus, in the last 11 months, the country trade surplus was about $20 million.

Meanwhile, Vietnam grossed $2.4 billion in agro-forestry and seafood exports in November, bringing the total revenue for the first eleven months of this year to $25 billion, a year-on-year increase of 9.9 percent.

According to the Ministry of Agriculture and Rural Development, commodities like coffee, cassava and cassava-based products surged in both value and volume.

Export of cassava and cassava-based products in the last 11 months reached 3.8 million tons, earning $1.2 billion, a 56 percent rise in volume and 36.8 percent in value compared with the same period last year.

Vietnam’s cassava exports enjoyed strong growth in important markets such as China, with a rise of 52 percent in volume and 30.7 percent in value; and the Republic of Korea, with 3.13 times in volume and 2.7 times in value.

Growth of other commodities like tea, cashew nuts and pepper remained stable. Pakistan is still the largest importer of Vietnamese tea, with 19.9 percent of market share.

Vietnam remains the world’s largest exporter of cashew nuts. Exports grew significantly in both volume and value, except for Holland with a drop of 9 percent in volume and 18 percent in value.

Wood and wooden products also saw a huge increase--18.9 percent in export value in the first 11 months of this year, about $4.2 billion.

Aquatic products brought in an estimated $5.6 billion, up 1.2 percent compared with the same period last year. The export of this commodity is expected to continue rising with growing demand from importers.

Source sGGP, translated by Dan

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