Vietnam's trade deficit hits $2.36b

Vietnam's trade deficit hits $2.36b

HANOI: Vietnam's trade deficit hit US$2.36 billion in the first six months of the year, preliminary figures showed on Tuesday.

Exports during the period rose 19.8 percent to $11.8 billion, while imports increased 14.7 percent to $14.16 billion, according to the General Statistics Office.

Cotton imports saw the sharpest gain, up 97.3 percent in the first six months to $101 million, while imports of wood and wooden products grew 67 percent to $208 million.

Imports of computers and electronics were up 31 percent to $549 million, and milk and dairy product imports rose 30.4 percent to $105 million.

Imports of gasoline and refined-oil products, which make up Vietnam's biggest import bill, increased 25.6 percent to nearly $1.6 billion. -- AFP

;AFP; ANPAf..r.. Money-ADB-Laos-loan ADB approves $17.7m loan to Laos JP/16/Money

ADB approves $17.7mloan to Laos

MANILA: The Asian Development Bank approved a $17.7 million loan to Laos to help improve road infrastructure in poor, remote, rural areas, the ADB said in a statement on Tuesday.

The loan will be used to construct about 292 kilometers of all-weather road in three provinces, which will enable people in remote rural areas to gain better access to markets, jobs, and services, the ADB said in a statement. -- AFP

;AFP; ANPAf..r.. Money-SKorea-economy S. Korea surplus hits 68-month high JP/16/Money

S. Korea surplus hits 68-month high

SEOUL: South Korea's May account surplus more than doubled from April to US$3.76 billion, thanks to strong exports and seasonal factors, the Bank of Korea said on Tuesday.

The outcome marked the 13th consecutive monthly surplus and a 68-month high.

Central bank director-general Bun Kim-Seek said the June current account surplus was expected to reach $3 billion.

"For the first half, the current account surplus is seen to exceed $14 billion," he said. -- AFP

;AFP; ANPAf..r.. Money-economy-rating S&P upgrades HK ratings outlook JP/16/Money

S&P upgrades HK ratings outlook

HONG KONG: Standard and Poor's on Tuesday upgraded its outlook on Hong Kong's ratings and said the territory's recent political uncertainty would not affect its economy.

The ratings agency raised Hong Kong's AA-minus long-term local currency rating to stable from negative as an economic upturn, an expected end to deflation and rising consumer confidence had boosted fiscal prospects for the former British colony, it said in a statement.

Standard and Poor's added the recent political uncertainty in Hong Kong would not affect "prudent financial management and good economic prospects" in the territory. -- AFP

;AP; ANPAf..r.. Money-China-US-trade U.S. sock makers request import relief JP/16/Money

U.S. sock makers request import relief

WASHINGTON: American textile manufacturers have asked the Bush administration to limit shipments of Chinese-made socks into the United States, seeking similar relief that the administration provided to makers of three other textile products last year.

"It is not too late to save our domestic sock industry," Charles Cole, chairman of the Hosiery Association's Domestic Manufacturing Committee, said on Monday. "The U.S. sock industry is the most competitive sector of the U.S. apparel industry."

The Commerce Department will have until July 20 to decide whether to take the case filed by four textile groups and then will have at least three more months to conduct an investigation and decide whether to grant the request for import relief. -- AP