In details, Hanoi is estimated to reap $2.03 billion from exports in Q1/2012, making an year on year decrease of 2.8% while it spent $4.94 billion to import goods in the period, down 15.4% on year.

In March alone, the city is estimated to export $697 million worth of goods, up 3.8% on month but down 13% on year while its import value was $1.82 billion, up 8.1% on month and down14% on year, the data showed.

Falling in the capital’s export mainly due to low global demand, especially the stagnation of the U.S, China and Europe, the statistics office said, adding that export of agriculture products in the first 3 months of this year dropped by 40.2% compared the same period of 2011.

Export of rice only reached $69.4 million, down 42.2$ on year and rice exporters have not signed many contracts so far this year. Vietnamese export rice is facing tough completion with cheap rice from Pakistan and India.

Export of tea also dropped significantly due to crisis in the Middle East area (the traditional export market of Vietnamese tea exporters).

Besides, exports of machineries, stools, spare-parts also posted slowdown.

In the import side, some products posted high increase in import value such as chemicals (up 53.2%), steel and iron (up 25.8%), plastics (up 14.9%).

Source: vnagency.com.vn