Prices of many export items increased by over 50%.
Of the 60.8 billion USD in export turnover Vietnam achieved in the past 8 months, price increase contributed nearly 4 billion USD.
Trade deficit slightly reduced
According to the report of the Ministry of Industry and Trade at the recent online meeting of August 2011, although the export turnover in August only reached about 8.3 billion USD, down 11% compared to July 2011, it still increased 19.6% compared to August 2010. In the past 8 months, the export turnover is estimated to reach 60.8 billion USD, continuing to increase 33.7% compared to the same period.
By commodity group, compared to the same period, the export turnover of agriculture, forestry and fishery products reached over 13.06 billion USD, an increase of 37.6% and accounting for 21.5% of total export turnover.
The export growth of the fuel and mineral group was 45.1%, reaching about 7.53 billion USD and accounting for 12.4%. The other commodity group is estimated to reach 9.67 billion USD, increasing 62.4% and accounting for nearly 16% of the country's total export turnover.
The high prices of many agricultural products have caused a significant increase in export turnover.
Photo: illustration - Internet
Recently, not only did crude oil prices increase by 44.9%, coal prices increased by 20.4%..., but prices of many agricultural export products such as cashew nuts increased by 47.7%, coffee increased by 53.9%, pepper increased by 67.8%, rice increased by 4.3%, cassava and cassava products increased by 28.2%, rubber increased by 57.3%... "The price increase alone increased export turnover by about 3.95 billion USD", the report of the Ministry of Planning and Investment assessed.
With import turnover in 8 months estimated at 67.0 billion USD, up 25.4% over the same period, trade deficit in 8 months was about 6.21 billion USD, accounting for 10.21% of export turnover, slightly down compared to 7 months at 10.3%.
Industrial production tends to decrease
Also according to the report of the Ministry of Industry and Trade, although industrial production in the first 8 months still increased by 7.3%, the growth rate of industrial production has shown signs of slowing down because in the same period in 2010, the increase was 13.7% compared to 2009.
According to data just announced by the General Statistics Office, as of August 1, 2011, the inventory index of the entire processing and manufacturing industry increased by 17.8% compared to the same period last year.
In which, the industries with high inventory index increase are: production of beds, wardrobes, tables and chairs increased by 87.5%; production of non-alcoholic beverages increased by 65.8%; production of beer and malt increased by 58.6%; production of footwear increased by 45.6%; production of garments (except fur clothing) increased by 41.6%; production of motorbikes and scooters increased by 39.9%; production of animal feed increased by 39.1%; production of electric cables and insulated wires increased by 38.8%; production of cement, lime and mortar increased by 38.0%...
The results of the labor survey of 4,279 industrial production enterprises (in the August 2011 report of the General Statistics Office) also showed that the labor utilization index last month was estimated to have increased by only 0.5% compared to the previous month. The number of employees this month also decreased by 3.8% compared to the same period in 2010. Specifically, the labor force in the state-owned enterprise sector decreased by 7.9%; the non-state enterprise sector decreased by 2.9% and the foreign direct investment sector decreased by 1.5%.
In August, among the three primary industries, only the mining industry saw an increase of 7.3% year-on-year. The manufacturing industry and the electricity, gas and water production and distribution industry saw a decrease of 4.6% and 6.9%, respectively.
According to Vneconomy
