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NEWS UPDATES 24 June 2010

Vietnam trade deficit soars

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Viet Nam's trade deficit increased to US$1.2 billion in June compared to $871 million in May, the General Statistics Office said on Tuesday, as reported by the Viet Nam News.

Export value declined to $6 billion in June compared to $6.3 billion in May, while import value increased to $7.2 billion compared to $7.18 billion in May. The main imports with high value in June were clothes ($520 million); steel and iron ($503 million); petroleum products ($476 million); andplastic products ($324 million).

Export products with high value in June were garments and textiles worth $950 million; footwear, $480 million; crude oil, $416 million; and seafood, $390 million.

In the first half of the year, Vietnam imported a total of $38.8 billion and exported a total of $32.1 billion in goods.

Dr Le Dang Doanh, former director of the Central Institute for Economic Management, told Tuoi Tre (Youth) newspaper that Viet Nam's export industry faced several obstacles.

The EU market is still in a financial crisis and the euro has fallen by 16 percent against the US dollar, affecting the revenues and profits of Vietnamese companies that export goods to the EU.

Because of the impact of the financial crisis, some countries are still imposing tariffs and trade barriers against imports, including higher anti-dumping tariffs and demand for certificates of origin for products.

Power shortages in Vietnam over the last few months have also affected the production of export companies, he said.


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