TITLE

Exports Defy Weak External Environment

PUB. DATE
June 2003
SOURCE
Asia Monitor: South East Asia Monitor Volume 1;Jun2003, Vol. 14 Issue 6, p6
SOURCE TYPE
Country Report
DOC. TYPE
Country Report
ABSTRACT
Export revenues of Vietnam grew by around 6.5% in 2002, with a strong performance in the second half of the year offsetting a year-on-year contraction experienced in the year to end-August 2003 as of June 2003.In part, this reflected the working through of the effects of the bilateral trade agreement with the U.S., which came into force in December 2001.This helped to lift exports of garments and textiles and footwear. Despite the good performance of the export sector, a continued deficit on the merchandise trade account is expected. In particular, imported refined petroleum products will continue to be expensive, given sustained high world oil prices in 2003, and food, foodstuffs and beverages prices are also set to remain firm. Vietnam's 11 seafood exporters had stopped deliveries to the U.S. in January 2003, following a U.S. Department of Commerce decision to impose import duties ranging from 38.0% to 64.0% on catfish exported from Vietnam, which, say the exporters, made it uneconomic to sell into the U.S. market. Vietnam's ongoing transition from a centrally planned to market-based economy has brought important reforms that have allowed a better allocation of resources.
ACCESSION #
9881118

 

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