According to the General Office of Statistics, the country’s total export turnover in the past 8 months reached approximately US$37.3 billion, down 14.2 percent compared to the same period last year. All key export items declined.
Crude oil, one of the key export items was down 48 percent, followed by rubber (down 41 percent), coal (21 percent), coffee (17.7 percent) and cashew nuts (13.5 percent).
Although the rice export volume declined slightly, its value decreased sharply. This is the first time rice exports have fallen since early this year. Over the past 8 months, the country exported nearly 4.7 million tonnes of rice, earning more than US$2.15 billion, up 43 percent in volume but down 1.4 percent in value compared to the same period last year.
Garments were down 1.4 percent compared to the same period last year with a total export value of US$5.9 billion in eight months.
While exports are facing difficulties, imports are increasing. The import surplus in August was US$1.5 billion – the highest in the past five months - making the total trade deficit for the past eight months more than US$5.1 billion.
The National Center for Socio-economic Information and Forecast (NCEIF) under the Ministry of Planning and Investment forecasts that export turnover in 2009 will be US$58.7 billion – US$61.3 billion, down 2.2 to 6.4 percent compared to 2008. NCEIF says the global economic crisis has dampened all of Vietnam’s main export markets, such as the US, the EU, Japan and ASEAN countries. However, if the world economy recovers and the Government manages well, this year’s exports may equal or exceed the 2008 level.