Hanoi’s exports surge 16.9 percent in first quarter

Hanoi (VNA) - Hanoi’s export turnover hit 3.15 billion USD in the first quarter of 2018, representing a year-on-year increase of 16.9 percent, according to the municipal Department of Industry and Trade.

In the reviewed period, all key staples achieved strong growth in export value.

Computer components and peripheral devices were the biggest contributor to the city’s export earnings, with 463 million USD, up 23.2 percent compared to the same period last year.

They were followed by textiles and garments, raking in 401 million USD, up 20 percent year on year.

Transport vehicles and components, and footwear respectively reached 235 million USD and 72 million USD in export revenues, up 21 percent and 24.8 percent year-on-year.

Electronic products are the only group of commodities suffering a decrease in export turnover in the period, with a fall of 4.3 percent.

Hanoi’s export value has increased sharply in recent years because businesses in the city have taken advantage of the recovery of major economies of the world, such as the US, Japan, the European Union and China.

Experts said to increase the export value, enterprises should renew models of products according to the demand on markets and increase competitiveness by cutting production costs.

They have been also advised to improve product quality and develop the brand as well as promote cooperation with local businesses. In addition to this, they should take advantages in export opportunities from free trade agreements that Vietnam has signed with foreign partners

Also in the first quarter of 2018, the city’s import turnover reached 7.92 billion USD, up 15.1 percent over the same period last year.-VNA