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Vietnam Today

Crude export turnover falls sharply

Released at: 10:43, 04/05/2015

Crude export turnover falls sharply

$1 billion decline in value against rising volumes in first four months .

by Luong Nhi

The total export turnover of crude oil in the first four months was just $1.246 billion, a decline of $1 billion and representing only 44.5 per cent of the figure recorded for the same period last year, according to the General Statistics Office. The volume, however, was up, to 2,925 billion tons, an increase of 12 per cent year-on-year.

The Ministry of Industry and Trade (MoIT) pointed to steadily declining world prices in explaining the result.

It also revealed that in the first four months the trade deficit was $3 billion, or 6 per cent of total export turnover, in the first four months. The domestic economic sector recorded a $5.7 billion deficit, $1.9 billion higher year-on-year, while the foreign economic sector, including crude oil, saw a $2.7 billion surplus, $3.1 billion lower year-on-year.

Of the $50.1 billion in total export turnover, domestic enterprises contributed $15 billion, a decline of 1 per cent. Export turnover of foreign enterprises, including crude oil, was $35.1 billion, accounting 70 per cent of the total export turnover and an increase of 17 per cent year-on-year.

The FDI sector records steady, high growth and is the major contributor to growth in exports, especially in mobile phone devices, computers, and cameras.

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