Posted on 25 Mar 2009
The Ministry of Industry and Trade said Monday it expects a trade surplus of nearly US$1.65 billion in the first quarter due to a sharp decline in imports.
Exports are estimated to have edged up only 2.4 percent compared with the same period last year to $13.48 billion but imports plunged 45 percent to $11.83 billion, a ministry report said.
The report said exports in March alone were estimated to fall 2.8 percent from a year ago to $4.7 billion while imports would drop more than 47 percent to $4.3 billion, leaving a monthly surplus of $400 million.
The report also said the reason exports rose in the January-March period was a record shipment of gold and precious stones of $2.29 billion, offsetting sharp declines in the exports of other traditional staples such as garments, textiles and crude oil.
Last month the central bank relaxed a ban on gold exports to allow some traders to re-export the precious metal to take advantage of high prices.
Gold export in March is expected to reach $850 million, the ministry said. It was $800 million in February, the Vietnam Gold Business Association has said.
Late last week, planning minister Vo Hong Phuc said the economy is estimated to grow at 3.1 percent in the first quarter, versus 7.4 percent in the same period last year.
The government still projects annual growth of 6.5 percent this year after a slowdown to 6.2 percent in 2008 from 8.5 percent in 2007. Many economists expect slower growth.
