Friday, August 18 2017

VietNamNews

HCM City Q1 exports may fall 4% to $6.24 billion

Update: March, 23/2015 - 08:32

Rambutan fruits are packaged for exporting to the US at Red Dragon Co., Ltd in HCM City. The export turnover of the city is expected to reach US$6.24 billion in the first quarter of 2015, said its Department of Industry and Trade. — Photo tuoitre.vn

HCM CITY (VNS) — The export turnover in HCM City is likely to amount to US$6.24 billion in the first quarter of 2015, a year-on-year drop of 4 per cent.

These figures were released by the municipal Department of Industry and Trade.

Excluding crude oil, the value of exports would reach $5.25 billion, surging 5.62 per cent over that recorded in the same period last year.

Items witnessing a rise in export turnovers include industrial goods with $3.9 billion, up 15.1 per cent; garments and textiles at $1.19 billion, an increase of 8.3 per cent; electronics and components with $988.2 million, up 73.5 per cent; footwear at $565.2 million, a rise of 12.6 per cent; and machinery and equipment valued at $349 million, up 8 per cent.

Several exports are experiencing a drop in value, as well. These include numerous agricultural, forestry and seafood products, precious metals, plastics and means of transport.

Tran Quoc Manh, from the HCM City Handicraft and Wood Industry Association (HAWA) told vietnamplus.vn that major markets for the city's wood and timber exports, such as European nations and Japan, have experienced difficulties since the beginning of the year. These have resulted in a slump in purchasing power and the establishment of fewer new contracts.

Sharing Manh's opinion, Chairman of HCM City Food and Foodstuff Association Ly Kim Chi noted that municipal businesses have been encountering challenges in signing new export agreements.

Further, the department believes that the city's export of agricultural, forestry and seafood products will decrease 23.4 per cent to $919 million.

The largest contributor to the reduced exports was rice, bringing home revenues of only $93.6 million, a year-on-year drop of 70.2 per cent. The same downward trend was seen in other staples, such as seafood, coffee and rubber.

Meanwhile, the southern economic and business hub is expected to generate $35 billion from exports this year, an 8 to 10 per cent increase over that posted last year.

To reach this goal, the city has steered businesses to focus on shipping industrial and processed goods with high added value.

Businesses were also advised to strengthen their presence in Europe, both American continents, and Asia, while seeking potential new outlets in Africa and Oceania. In 2014, excluding crude oil, the city's export revenues amounted to $27.8 billion, an increase of 12 per cent from 2013.

Further, in January 2015 it took in more than $2 billion from overseas shipments, a year-on-year rise of 9.1 per cent. — VNS

Send Us Your Comments:

See also: