Monday, September 23 2019

VietNamNews

Đồng Nai’s trade surplus reaches $2.1b in first 8 months

Update: September, 06/2019 - 10:19

 

Footwear production at a company in Đồng Nai Province. — Photo courtesy of the province’s People’s Committee 

HCM CITY — The southern province of Đồng Nai had a trade surplus of US$2.1 billion in the first eight months of the year, according to the provincial Department of Statistics. 

Export value in the period reached $12.76 billion, a year-on-year increase of 5.22 per cent, while the province spent $10.66 billion on imports, up 1.11 per cent from the same period last year.

The foreign investment sector is the biggest contributor to the trade surplus, with an eight-month export turnover reaching $10.44 billion. 

Non-State and State-owned economic sectors earned $1.98 billion and $333.2 million from exports, respectively, according to the provincial People’s Committee.

The committee attributed the low growth of export turnover in the first eight months to the reduced export of traditional farm products, including cashew nuts, pepper, coffee and rubber.  

The US remains the province’s biggest importer, buying $490.7 million worth of goods, accounting for 29.6 per cent of the province’s total exports, followed by Japan and China with $188.3 million and $187.5 million, making up 11.4 per cent and 11.3 per cent, respectively. 

The province has taken measures to promote production of major exports such as textile and garments, footwear, electronics, farm produce, fiber, steel, machinery and equipment.

Major exports from Đồng Nai include footwear, garments, steel products, computers and electronic components, according to figures released by the Department of Statistics.

These products are exported to the province’s traditional markets such as the US, China, Japan, South Korea, Belgium, Germany and Russia.

Exporters in Đồng Nai plan to continue to look for more overseas markets for its products, according to the committee. 

Đồng Nai mainly imports animal feed, corn, yarn and plastic raw materials from China, South Korea and Taiwan. 

It has maintained a trade surplus since 2014 mainly due to its administrative reforms and regular dialogue with businesses.

Last year, it enjoyed a surplus of $2.6 billion, equivalent to 30 per cent of the country’s surplus, and targets export growth of 10-12 per cent this year. — VNS

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