Vietnam’s exports grow, but prices remain challenging
Vietnam’s economy seems to get back on track, given the latest export figures. The Ministry of Industry and Trade on September 3 has estimated that Vietnam’s 8-month export earnings in 2013 stand at $84.82 billion, an increase of 14.7 per cent over the same period in 2012.
However, imports for the period stands at $85.4 billion, 14.9 per cent higher than in 2012, resulting in a trade deficit of $577 million.
The rising import surplus has been attributed to a price decline of key export items such as rice and seafood. According to the Vietnam Food Association, current global rice market fluctuations have “dramatically impacted” Vietnamese rice’s export price. Abundant Indian and Thai rice supplies force prices down.
The Ministry said there is a need to minimise inventory levels and try to stabilise market prices. Other priorities include facilitating the support industry’s development, ratcheting up administrative reform, and expanding export customer bases, especially if the yearly $127–128 billion export value target is to be achieved.
In the period, Vietnam exported 4.69 million tonnes of rice, worth $2.05 billion. The figures posted a decrease of 15.7 per cent in volume and 18.4 per cent in value compared to the same period last year.
The export rice price kept declining in recent months, down 3.2 per cent year on year to stand at $438.49 per tonne in average. China was the biggest importer of Vietnamese rice exports, with over 1.47 million tonnes, worth $609.13 million and accounting for 32.8 percent of the total rice export value during the period. Demands on Vietnamese rice exports from other markets increased, including Singapore (up 62.8 per cent), Angola (23.1 per cent), Ghana (28.4 per cent) and Hong Kong (17.3 per cent) .
Vietnam expects to export 7.5 million tonnes of rice in 2013, against 7.72 million tonnes in 2012.
Vietnam's economy seems to get back on track, given the latest export figures. The Ministry of Industry and Trade on September 3 has estimated that Vietnam’s 8-month export earnings in 2013 stand at $84.82 billion, an increase of 14.7 per cent over the same period in 2012. However, imports for the period stands at $85.4 billion, 14.9 per cent higher than in 2012, resulting in a trade deficit of $577 million. The rising import surplus has been attributed to a price decline of key export items such as rice and seafood. According to the Vietnam Food Association, current global rice...
Vietnam’s economy seems to get back on track, given the latest export figures. The Ministry of Industry and Trade on September 3 has estimated that Vietnam’s 8-month export earnings in 2013 stand at $84.82 billion, an increase of 14.7 per cent over the same period in 2012.
However, imports for the period stands at $85.4 billion, 14.9 per cent higher than in 2012, resulting in a trade deficit of $577 million.
The rising import surplus has been attributed to a price decline of key export items such as rice and seafood. According to the Vietnam Food Association, current global rice market fluctuations have “dramatically impacted” Vietnamese rice’s export price. Abundant Indian and Thai rice supplies force prices down.
The Ministry said there is a need to minimise inventory levels and try to stabilise market prices. Other priorities include facilitating the support industry’s development, ratcheting up administrative reform, and expanding export customer bases, especially if the yearly $127–128 billion export value target is to be achieved.
In the period, Vietnam exported 4.69 million tonnes of rice, worth $2.05 billion. The figures posted a decrease of 15.7 per cent in volume and 18.4 per cent in value compared to the same period last year.
The export rice price kept declining in recent months, down 3.2 per cent year on year to stand at $438.49 per tonne in average. China was the biggest importer of Vietnamese rice exports, with over 1.47 million tonnes, worth $609.13 million and accounting for 32.8 percent of the total rice export value during the period. Demands on Vietnamese rice exports from other markets increased, including Singapore (up 62.8 per cent), Angola (23.1 per cent), Ghana (28.4 per cent) and Hong Kong (17.3 per cent) .
Vietnam expects to export 7.5 million tonnes of rice in 2013, against 7.72 million tonnes in 2012.
