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Reviewing export-import turnover

2013-06-12 10:47:09

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According to the Ministry of Industry and Trade’s statistics, despite a decline in the prices of major export commodities, export turnover in May reached an estimated US$10.8 billion, an increase of 7.6 percent compared to April and 11.8 percent compared to the same period last year.
 

Exports increase slowly

In the first five months of 2013, the country’s export turnover reached an estimated US$49.94 billion, an increase of 15.1 percent compared to the same period last year. Export turnover of foreign-invested enterprises (excluding crude oil) reached an estimated US$29.74 billion, an increase of 25.8 percent compared to the same period in 2012.
The processing industry recorded good growth in the first five months of 2013, reaching export turnover of nearly US$34.21 billion, an increase of 25.7 percent compared to the same period last year, accounting for 68.5 percent of total export turnover. Of which, export turnover of bags, suitcases, hats, umbrellas, wood and wood products, garments and textiles, footwear, iron and steel increased by over 10 percent in the first five months of 2013. In particular, export turnover of computers, electronic products and components recorded impressive growth, reaching 41.6 percent.
Export turnover of major agricultural, forestry and aquaculture commodities in the first five months of 2013 reached nearly US$7.92 billion, a drop of 8.5 percent compared to the same period last year, accounting for 15.85 percent of total export turnover. Export turnover of coffee, cassava and cassava products, rubber, coal and fuels drastically declined by 20.8, 11.3, 26.7, 20.7 and 42.2 percent respectively.
In terms of markets, exports to the Asian, European, American and Oceania markets increased by 12.9, 24.4, 15.3 and 37.3 percent respectively. In addition, exports to the African market declined by 4.3 percent.
A decline in prices
One of the factors leading to a slowdown in export turnover in the first five months of 2013 was due to a decline in prices despite an increase in output. Average prices of export commodities fell in this period, such as cashew nuts (8.6 percent), pepper (3.6 percent), rice (5.8 percent), rubber (14 percent), coal (17.3 percent) and crude oil (9.3 percent).
Only prices of tea, coffee, cassava and cassava products increased by 5.9, 3 and 5.9 percent respectively.
Average import prices of some commodities also greatly reduced, such as Liquefied Petroleum Gas (11.7 percent), cotton (14.4 percent), iron and steel (10.6 percent) and scrap steel (11.3 percent).
Increasing trade deficit
Import turnover in May was estimated to reach US$12 billion, an increase of 9.4 percent compared to April and 16 percent compared to the same period last year. In the first five months of 2013, import turnover reached an estimated US$51.86 billion, an increase of 16.8 percent compared to the same period last year. In addition, the trade deficit in May stood at US$1.2 billion, equal to 11.1 percent of total export turnover and in the first five months of 2013 totaled US$1.92 billion, equal to 3.85 percent of total export turnover. The trade deficit proved offered positive signs and domestic production showed signs of recovery. 
According to the Ministry of Industry and Trade’s statistics, in the first five months of 2013, import turnover of necessary commodities reached an estimated US$45.9 billion, an increase of 17.6 percent compared to the same period last year, accounting for 88.5 percent of total import turnover, contributing to bringing positive signs for domestic production and business activities.
Import turnover of restricted goods increased by 10.7 percent in the first five months of 2013. Therefore, the Ministry of Industry and Trade needed to adopt measures to limit these goods.
The Ministry of Trade and Industry has directed relevant departments in the following months to focus on promoting exports of goods and services; amending and supplementing import duties in accordance with the country’s commitments to increased international integration.