Exports to tackle more challenges this year
(VOV) - The country’s exports in the first quarter of this year grew by 6.9% to US$35.7 billion against the same period of last year.
However, this growth rate was much lower than last year’s level of 14.1% due to export prices decline.
According to the National Financial Supervisory Committee (NFSC), export revenues of key products like cashew nut, coffee, tea, pepper, rice, cassava and cassava products, coal, crude oil, petroleum, rubber and steel dipped 24.4% against last year, which was mainly caused by a prices fall of 2.4%.
Experts forecast that world prices will continue to drop from now to the end of this year, creating more challenges to export businesses.
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The high export growth rates in 2013 and 2014 were partly attributed to Samsung telephone exports, but the situation is different this year.
The General Statistics Office of Vietnam (GSO) reported that imports in the review period are estimated at US$37.5 billion, a year-on-year rise of 16.3%, pushing the trade deficit up to US$1.8 billion.
If domestic production rebounds, Vietnam will suffer from import surplus this year as most of raw materials for production and manufacturing are imported, the GSO forecast.