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Export earnings surge by 24.5%   2010-11-25 - VNS

Export earnings from January to November surged 24.5 per cent against the same 11 months of last year, preliminary General Statistics Office figures show.

The office puts total earnings to date this year at US$64.28 billion, including $6.45 billion for November.

It says the number of export staples with earnings of more than $1 billion was 16 in November, up by three against October.

The staples have made a significant contribution to total export revenue.

Garment and textile earnings of more than $10 billion, up 22.6 per cent against last year, topped the list.

Footwear and seafood earned $4.5 billion each, and crude oil $4.47 billion.

The increase meant that Viet Nam was likely to meet its target of $70 billion for 2010, up 22.6 per cent over the previous year, the Ministry of Industry and Trade forecast.

Director of the ministry's Export and Import Department Phan Van Chinh anticipated besides industrial products, agricultural, forestry and seafood products would also achieve high growth in the last month of the year thanks to advantageous export prices and abundant domestic supply sources.

Seafood was expected to earn the country more than $4.8 billion this year while the figure for rice exports would be roughly $2.6 billion, Chinh said.

Deputy general secretary of the Viet Nam Textile and Apparel Association Nguyen Son said that the textile and garment industry was on course to earn roughly $11 billion this year, $500 million higher than the Government's target.

Imports for November cost an estimated $7.7 billion, creating a trade deficit for the month of $1.25 billion and $10.65 billion for the first 11 months of the year.

The General Statistics Office says although the trade deficit equalled 16.6 per cent of total export earnings, it was still below the Government's 20 per cent target for the year.

It warns that measures to restrict the trade deficit should continue because of intense exchange-rate volatility and an imbalance in foreign currency supply and demand.

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