Export revenues from the foreign-invested sector in HCM City in the first quarter of the year reach 1.13 billion USD, an increase of 32.2 percent 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 USD in exports, 20.5 percent lower than the first quarter last year, meeting only 23.56 percent of the annual target, the department said.
It said many sectors recorded high export growth, including electronic products and components, up by 66.5 percent to 121.3 million USD, garments and textiles by 9.7 percent to 800 million USD, footwear by 9.6 percent to 48 million USD, and seafood by 14.1 percent to 142.5 million.
Meanwhile, the domestic economic sector in the city experienced a slowdown in exports, reaching only 2.2 billion USD, a fall of 39.6 percent 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 USD, mostly from local economic sector.
But if crude oil revenues were deducted, the city would have a trade deficit of 974 million USD, accounting for 29.2 percent 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 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 USD in export revenues this year for a year-on-year increase of 1.8 percent. The target for imports has been set at 20.65 billion USD, up 13.9 percent 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./.
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 USD in exports, 20.5 percent lower than the first quarter last year, meeting only 23.56 percent of the annual target, the department said.
It said many sectors recorded high export growth, including electronic products and components, up by 66.5 percent to 121.3 million USD, garments and textiles by 9.7 percent to 800 million USD, footwear by 9.6 percent to 48 million USD, and seafood by 14.1 percent to 142.5 million.
Meanwhile, the domestic economic sector in the city experienced a slowdown in exports, reaching only 2.2 billion USD, a fall of 39.6 percent 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 USD, mostly from local economic sector.
But if crude oil revenues were deducted, the city would have a trade deficit of 974 million USD, accounting for 29.2 percent 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 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 USD in export revenues this year for a year-on-year increase of 1.8 percent. The target for imports has been set at 20.65 billion USD, up 13.9 percent 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./.
