Capital city trade deficit tops $13 billion in 2014

Saturday, Dec 27, 2014 12:03

Workers produce clothes for export at Viet Huy company in Ha Noi's Thuong Tin District. The capital city generated $11 billion from exports in 2014, up 11.7 per cent year on year. — VNA/VNS Photo Tran Viet
HA NOI  (Biz Hub) — The capital recorded a trade deficit of approximately US$13.8 billion in 2014, according to the municipal Statistics Office.

Ha Noi generated $11.07 billion from exports, up 11.7 per cent year-on-year, while import value rose 4.3 per cent to $24.45 billion.

In September alone, the city exported $1.02 billion worth of goods, increasing 5.8 per cent month-on-month. It spent $2.32 billion to import goods, a rise of 13.7 per cent that resulted in a trade deficit of $1.3 billion.

The capital's key export staples this year were computer spare parts and peripherals with turnover of $1.6 billion, up 56.6 per cent; garments and textiles with $1.58 billion, up 20.7 per cent and agricultural products with $1.13 billion, up 17 per cent.

Other items recording encouraging export value included petroleum ($815 million), electronics ($443 million), glass products ($331 million), coffee ($288 million), footwear ($249 million) and handicrafts ($192 million).

The city's major export outlets included the US, Japan and China, which together received 38.4 per cent of exports.

The city mainly imported petroleum with $5.45 billion, steel and iron with $1.18 billion, plastic with $772 billion, fertiliser with $342 million and chemicals with $333 million.

The Ministry of Industry and Trade's Import-Export Department revealed that Ha Noi had the country's biggest trade deficit in 2013 with $13.5 billion, five times higher than southern Ba Ria-Vung Tau Province with $2.9 billion.

Last year, the capital city posted export turnover of $9.9 billion and imported $23.4 billion worth of goods. — VNS

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