The Vietnam’s General Statistics Office has reported that the country’s export turnover in the first eight months of 2010 reached an estimated USD 44.52 billion, a 19.7% increase.

 

Of this, the local economic sector contributed USD20.56 billion, a 12.6% increase and the foreign-invested sector, including crude oil, contributed USD 23.96 billion, a 26.6% increase.

 

In August, export turnover reached USD 6 billion, a 0.5% decrease. Commodities with large export turnover were: iron and steel worth USD 466 million, rubber worth USD543 million, an 89.3% increase, chemical and chemical products worth USD185 million, an 83.9% increase, and vehicle and devices USD458 million, an 83% increase.

 

The Ministry of Planning and Investment reported that so far 13 commodities have posted export turnover of more than USD 1 billion, including garments and textiles, USD 6.89 billion; crude oil, USD 3.31 billion; footwear, USD 3.22 billion; seafood, USD 2.918 billion; rice, USD2.358 billion; computer and devices, USD 2.177 billion; wood and wooden products, USD 2.11 billion; machines and devices, USD1.89 billion; gemstones, USD 1.656 billion; coffee, USD 1.195 billion; rubber, USD 1.15 billion; fossil coal, USD 1.042 billion; and vehicles and devices, USD 1.01 billion. Compared to the same period last year, there are three more commodities with export turnover of more than USD 1 billion: iron and steel, rubber, and fossil coal.

 

Over the past eight months, Vietnam’s commodities were mainly exported to Asian markets with 48% of the market share. Of this, ASEAN accounted for 16.5%, up 15 % compared to the same period last year.

 

With August’s import turnover of USD 6.9 billion, the country’s total export turnover so far this year reached an estimated USD 52.68 billion, a 24.4 % increase year on year.

 

Since early this year, excess of imports over exports posted USD 8.15 billion, nearly 18.3% of export turnover. Excluding gold exports, the figure would be USD 9.8 billion, accounting for 22% of export turnover, exceeding the target of 20% set by the National Assembly.

 

Economic experts said that local ministries, branches, localities, and associations need to further promote the campaign of Vietnamese prioritizing utilization of Vietnamese products. More drastic measures need to be taken to curb imports of luxury commodities such as: autos, mobile phone, cosmetics, and wine.

 

(CPV)