Vietnam posted trade deficit in Jan, Feb 2010

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5 March 2010

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Vietnam recorded trade deficit at $1. 75 billion in the first two months of this year, about 19.6 percent of the country's total export turnover, reported VNBusinessNews.com, quoting the Ministry of Planning and Investment's website.

Vietnam targets to contain trade deficit at $14.5 billion, or 20 percent of the total export value this year, according to the ministry.

In the first two months, the country raked in $8.9 billion from exports, almost equal to the same period last year. Meanwhile, imports went up 39.6 percent year-on-year to $10.65 billion.

The ministry said that a surge in import turnover in this period was partly because of the sharp increase in prices of goods in the world market.

The ministry forecast that Vietnam's export turnover in the first quarter of this year will be about $14.2 billion and imports will be about $16.8 billion. Therefore, trade deficit is estimated at $2.6 billion, about 18.3 percent of total export turnover in the first three months.

Last year, Vietnam's trade deficit was recorded at $12.2 billion, accounting for 21.5 percent of the country's total export value in 2009, according to the General Statistics Office.

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