Import- Export Turnover hits US$9,702.5 million in 8 months of 2008

Specifically, export turnover is estimated to reach US$4,178.4 million or 59.6 percent of the plan, up 24.9 percent. Local businesses gain US$203.7mil, central businesses gain US$82.2mil and foreign-invested businesses gain US$3,892.5mil.

Local businesses in 8 months of 2008 achieve the following export results: coffee 29,762 tons and bee honey 2,588 tons in estimate. Shelled cashew nuts were not much exported, just around 6,154 tons.

In general, export price in the 8 months goes up against the same period. Influence exerted by inflation and speculation happening in London’s and New York’s coffee markets have pushed the exported coffee price higher, some 40 percent.

Import turnover hits US$5,524.1 million, or 67.3 percent of the plan, up 33.2 percent. Specifically, local businesses gain US$73.7mil, central businesses gain US$51.6mil and foreign-invested businesses gain US$5.398.8mil.

Imported items of local businesses in the 8 months are mainly industrial chemicals, raw materials and accessories for production and raw materials for cigarettes. It is estimated that import turnover of industrial chemical is around US$1.9mil, raw materials and accessories for production is US$27.5mil and raw materials for cigarettes is US$7.5mil.

The reason why import increases is imported items’ tax are reduced, leading to the high increase in imported items compared to 2007’s the same period (over 22 percent). A large number of projects which invest in products and goods replacing imported ones like ingot steel, fertilizer and raw materials and accessories for textile and garment are being implemented and have not run into operation, which also results in the need for import. Moreover, living standard is improved and a group of residents tends to favor foreign items and famous trademarks, which is another factor stimulating import.

Reported by Hoang Anh, Translated by Tuyenvanah