Increase exports to reduce trade deficit
The trade deficit from over 18 billion USD/year in 2008 to only 733 million USD in the first 7 months of this year should be recognized as a miracle in Vietnam's import-export activities.
According to the Ministry of Industry and Trade, the trade surplus in July 2013 was estimated at about 200 million USD, equal to 1.8% of export turnover. In the first 7 months of the year, the country had an estimated trade deficit of about 733 million USD, equal to 1% of export turnover.
This is an important result, effectively assisting in controlling inflation and stabilizing the macro-economy.
In fact, import-export activities have been playing a lever role in promoting the country's socio-economic development. From 2005 to now, only in 2009 did both export and import turnover decrease due to the world economic recession, but overall, exports still achieved an average growth rate of 20.77%/year, imports increased by 18.23%/year.
Thanks to that, the trade deficit has been narrowing, moving towards a relative balance of import and export according to the roadmap set out by the Government.
Achieving the above feat is first of all Vietnam's success in developing key export products.
In 2005, the total value of exported goods of the whole country only reached over 32.4 billion USD, only equal to 44% of the export turnover of the first 7 months of 2013. And at that time, the whole country only had 5 products with an annual export turnover of 1 billion USD or more including crude oil (over 7 billion USD), textiles (4.77 billion USD), footwear (3 billion USD), electronics-computers (1.4 billion USD) and rice (over 1.4 billion USD).
By 2012, the country had 18 products joining the “Billion Dollar Club”. In addition to 5 “traditional” products with continued increasing turnover, among the 13 new, bright and leading key products are mobile phones and components, which in 2005 only exported 10.4 million USD, but in 2012 jumped to 12.7 billion USD, in the first 7 months of this year it is estimated to reach 11.63 billion USD.
However, to increase the export turnover in the first 7 months of this year to more than double that of 2005, we still need the contribution of other key products, such as machinery and equipment, textile fibers, coffee, rubber, cashew nuts, handbags, backpacks, umbrellas, wood and wood products... In particular, cassava only reached 139 million USD in 2005, by 2011 it reached 960 million USD, in 2012 it reached 1.351 billion USD...
Similarly, with the fruit and vegetable products, the growth rate increased from 235 million USD in 2005 to 623 million USD in 2011, to 827 million USD in 2012, to 576 million USD in the first 7 months of this year (an increase of more than 28% compared to the same period in 2012). In the near future, there will be many more key export products of Vietnam that have a worthy position in the world market.
According to baocongthuong.PH
