Vietnam Time

7/5/2017 3:23:05 PM

Vietnam’s exports forecast to hit USD 195 billion in 2017

Vietnam’s export turnover is likely to hit 195 billion USD this year, up 10-11 percent compared with 2016 and 6-7 percent higher than the target set by the Prime Minister, according to the Ministry of Industry and Trade (MoIT)’s Export-Import Department. 

Workers process squid and octopus for export to Japan at the Quang Ninh Sea Product Import-Export Company in Ha Long city (source: the Vietnam Economic Times)

The department said the country’s export revenue in the first six months of this year stood at USD 97.78 billion, representing a year-on-year rise of 18.9 percent.

The accumulated export-import turnover in the first half was close to USD 198.25 billion, a year-on-year increase of 21.5 percent.

In June alone, total export-import value reached USD 35.8 billion, down 1.6 percent against the previous month. Of the number, exports made up USD 17.8 billion, down 0.7 percent and imports were USD 18 billion, down 2.5 percent.

The statistics show Vietnam ran a trade deficit of USD 200 million in June and nearly USD  2.7 billion during January-June, equivalent to 1.4 percent of the total export revenue.

The country’s major exports included computers, and electronic products and components while its imports were machines, equipment, tools, fabrics, phones, plastic, garment-textile and footwear materials, petroleum. 

Kết quả hình ảnh cho nông sản việt nam xuất khẩu

                      Vietnamese dragon fruits are now present in several foreign markets (source: The Finance Magazine)

Experts held that the picture for export will be brighter in the coming time based on rosy forecast for the export of agro-fishery and industrial products like garment-textiles, footwear and timber products.

Specifically, Deputy Prime Minister Trinh Dinh Dung has signed a decision on the issuance of the rice export market development strategy, which is expected to contribute to raising the country’s rice export value.

MoIT Minister Tran Tuan Anh underlined the need to keep a close watch on major import markets like the US and China, while putting forth methods to raise competitiveness of Vietnamese products in big markets./.

  ( VNF/VET )
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