Viet Nam
experienced a record US$1.7 billion trade surplus in the first quarter of the
year, according to preliminary statistics from the General Statistics Office
(GSO).
The previous highest trade surplus was $40 million in 1992.
Deputy Director Le Thi Minh Thuy of the GSO Trade Department attributed the
trade surplus to the impact of a sharp drop in imports stemming from the global
economic downturn during the first three months of 2009.
During the reporting period, the country spent only $11.8 billion on
imports, down 45 per cent over the same period last year. The volume and value
of imports dropped sharply, including for many of the materials and equipment
that serve domestic production.
From January to March, less than $750 million was spent on importing 269,000
tonnes of steel and iron, down 65 per cent and 71 per cent in terms of volume
and value. Petroleum imports of 2.9 million tonnes valued at only $1.1 billion,
representing a 7.7 per cent decrease in volume and a 60.2 per cent decrease in
value.
Fertiliser and fabric imports were also down with reduction rates ranging
from 28.7 per cent to 33.8 per cent in value.
Despite a high trade surplus, the country saw only a slight increase of 2.4
per cent year-on-year in export turnover. The country earned $13.5 billion from
exports.
Thuy attributed the slight surge of exports in January-March to the
re-export of gold.
The price of gold on the domestic market was lower than in the international
market, causing the country to re-export $2.3 billion in gold, up 49 per cent
over the same period last year. Gold exports accounted for 18 per cent of the
country’s total export turnover in the first three months.
According to GSO statistics, most export staples saw either no change or a
decrease in turnover during this time.
Trade officials expressed concern that 12 out of 13 of the country’s key
export staples, whose export earnings are more than $1 billion each, reported a
slide between 10 and 20 per cent.
Crude oil experienced the highest decrease of up to 48.6 per cent. Electric
lines and cables and rubber followed with decreases of 47.3 per cent and 43.9
per cent, respectively.
Footwear and seafood also saw a decrease of nearly 11 per cent, earning the
country only $915 million and $714 million respectively.
Several agricultural products including rice, tea, fruits and vegetables did
experience a surge in exports during the reporting period, however.
Rice topped the list with 1.75 million tonnes exported, fetching $785
million, an increase of 71.3 per cent in volume and 76.2 per cent in value.
Tea exports earned $29 million, up 10.2 per cent and 10.5 per cent in volume
and value, respectively.
A trade deficit has been forecast by the GSO for the next quarter as the
supply for gold re-export runs out and the country increases its imports of
several restricted goods.
The GSO anticipates a trade deficit of $4-8 billion for the year. It expects
to see the country earn $58-60 billion in export turnover -down 5-8 per cent
over last year - while spending $64-66 billion on imports - down 18-21 per cent
over last year.
