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Export revenues in foreign-invested sector rise 32.2%
Export revenues from the foreign-invested sector in HCM City in the first quarter of the year reached US$1.13 billion, an increase of 32.2 per cent from the same period last year, according to the city's Department of Industry and Trade.
It said the figures indicated a rising demand in world markets and a recovery from the financial crisis that hit last year.
The city earned $4.71 billion in exports, 20.5 per cent lower than the first quarter last year, meeting only 23.56 per cent of the annual target, the department said.
It said many sectors recorded high export growth, including electronic products and components, up by 66.5 per cent to $121.3 million, garments and textiles by 9.7 per cent to $800 million, footwear by 9.6 per cent to $48 million, and seafood by 14.1 per cent to 142.5 million.
Meanwhile, the domestic economic sector in the city experienced a slowdown in exports, reaching only $2.2 billion, a fall of 39.6 per cent from the same period last year.
However, the city gained a trade surplus in the first quarter, the department said. Imports were worth $4.31 billion, mostly from local economic sector.
But if crude oil revenues were deducted, the city would have a trade deficit of $974 million, accounting for 29.2 per cent of the city's total export value.
HCM City People's Committee Vice Chairwoman Nguyen Thi Hong said that, in addition to traditional markets, firms should find measures to boost exports to ASEAN countries, South Africa, Africa and the Middle East.
She also urged enterprises to strengthen trade promotion activities and diversify their export items, with a focus on export of high value added products and processed goods rather than raw materials.
HCM City has set a target of $14 billion in export revenues this year for a year-on-year increase of 1.8 per cent. The target for imports has been set at $20.65 billion, up 13.9 per cent over last year.
Trading firms will find it a challenge to meet these targets, experts say, since the recovery of the world economy has not been stable.
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