15:12 | 25/12/2015 Trade
(VEN) - Although facing difficulties in terms of prices and markets, the trade deficit this year is expected to equal around 2.4 percent of total export turnover, lower than the set target of five percent passed by the National Assembly.
The trade deficit is expected to stand at around US$4 billion this year - Photo: Can Dung
According to the Ministry of Industry and Trade’s Planning Department, the country’s export turnover reached an estimated US$14.3 billion in November alone and US$148.7 billion in the first 11 months of the year, an increase of 7.9 percent and 8.3 percent compared to a year ago, respectively. Many items recorded high growth such as garment and textile, footwear and leather materials with 30.2 percent, all kinds of fabrics with 26.8 percent, and interior products with 20.7 percent. Meanwhile, import turnover reached an estimated US$14.5 billion in November alone and US$152.5 billion in the first 11 months of the year, an increase of 14.4 percent and 13.7 percent compared to a year ago, respectively.
The Ministry of Industry and Trade said that exports of the industrial processing sector has played an important role in increasing total export turnover with growth of 16.5 percent, reaching US$117 billion. In addition, the FDI sector maintained high growth.
Deputy Minister of Industry and Trade Do Thang Hai said that export growth over the first 11 months of the year remained low because of a strong decline in export of agriculture, forestry and fisheries, and fuels and minerals. Total export turnover of these two categories fell by US$5.4 billion, while its figure in the industrial processing sector increased by US$16.56 billion compared to the same period last year.
The main reasons for the strong decline in export of agriculture, forestry and fisheries were more difficult technical barriers against exports and increased competition, especially from India and Thailand.
Seafood and rice exports have witnessed high growth in the remaining months of the year. Do Thang Hai said that this move has shown a recovery of the market.
A highlight in exports and imports this year has been the quarterly decline in the trade deficit. This figure reached US$2.6 billion in the first quarter, US$218 million in the third quarter and US$3.78 billion in the first 11 months of the year, and is expected to stand at around US$4 billion this year, equal to around 2.4 percent of total export turnover.
Deputy Minister of Industry and Trade Do Thang Hai:
Thanks to the implementation of various solutions to promote exports, the trade deficit has been maintained at a low level.