Hanoi records trade deficit but impressive industrial growth in November

Thursday, 2016-11-24 10:31:17
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NDO—Hanoi’s trade balance is set to hit a deficit of nearly US$1.4 billion in November, but its industrial index this month recorded impressive growth of 10.3% over the same period last year, the city People's Committee has announced.

Accordingly, exports in November reached US$901 million, up 15.5% against last year, while import turnover was US$2.3 billion, down 0.9% over the same period.

During the eleven-month period, Hanoi’s exports reached US$9.7 billion, up 1.2% over the same period last year, while imports reached US$22.3 billion, down 4.6%. As such, the capital city recorded a trade deficit of US$12.6 billion in eleven months.

Meanwhile, its industrial index in November rose impressively, with an increase of 8.5% over the previous month and 10.3% over the same period.

In November, only the mining industry decreased, by 15.6% over the previous month and 12.5% over the same period last year; the remaining sectors recorded high growth indexes.

For the January-November period, the industrial production index increased more than 7% over the same period last year, during which mining groups decreased by over 51% due to the city's ban on sand mining to protect the flow of rivers and the safety of dykes. At the same time, the processing and manufacturing industries increased by 7.4%, production and distribution of electricity and gas went up 7.7% and water supply, garbage and waste water treatment increased by 2%.

Several manufacturing sectors with relatively high growth rates compared to the average include food processing and production, with 19.7%; apparel manufacturing, with 22.4%; pharmaceutical and medicinal production, with 29.5%; metal production, which increased by 15.7%; and furniture production, with over 54%.