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

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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

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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

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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

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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