Trade gap reduces in 2011
VGP – Export turnover in 2011 was estimated to reach US $96 billion, showing 33% higher than the 2010 figure and the highest rise to date.
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With an estimated import turnover of around US $105-106 billion, trade gap in the year was narrowed to stand at US $10 billion, equal to 10.4%, which was considered to be the lowest in recent years.
The narowing trade gap was attributed to increases in domestic production, which has met local consumption and export needs.
The export to Gross Domestic Product (GDP) ratio has for the first time exceeded 80.7%. The total export and import turnover of over US $200 billion ranked Việt Nam 5th in Southeast Asia.
Of export items, mobile phones made US $7.5 billion, up 257% and ranked 2nd in terms of export earning after garment.
In comparison with 2010, two group items earning export turnover of more than US $1 billion included handbags, suitcases and umbrellas and iron and steel products.
Exports of machines, spare parts, vehicles, chemical substances, and rubber products have sharply increased.
By Thùy Dung
