HCM City enjoys impressive growth in import export turnover


Despite suffering the negative impact of the COVID-19 pandemic and the Russia-Ukraine conflict which affects international trade, import and export activities of Ho Chi Minh city still achieved impressive growth in the first quarter of this year.

HCM City's foreign trade rises 18.4% year on year in Q1 to nearly US$17.4 billion.
HCM City’s foreign trade rises 18.4% year on year in Q1 to nearly US$17.4 billion.

Statistics from the municipal Statistics Department showed that the city’s foreign trade was valued at nearly US$17.4 billion between January and March, up 18.4% year on year.

The city’s export value hit nearly US$11.9 billion in the period, an increase of 3.5% compared to the same period last year.

Of the figure, the FDI sector accounted for the highest proportion of more than US$6.5 billion, followed by the non-State and State sectors with more than US$3.2 billion and US$564.4 million, respectively.

In terms of export structure, the group of industrial products saw the highest export value, reaching US$7.4 billion, up 19.1% over the same period and making up 75.3% of the combined export turnover. They included such items as computers, electronic products and components, textiles and garments, machinery, and other types of equipment.

Notably, the group of agricultural products recorded a turnover of over US$1.1 billion, up 54% year on year and accounting for 11.7% of the city’s total export value while the group of aquatic products had export earnings of US$270 million, up 70%.

During the three-month period, China was the biggest buyer of HCM city’s enterprises with over US$2.5 billion in revenue. It was followed by the United States and Japan with US$1.6 billion and US$701.8 billion, respectively.

In March alone, export earnings were estimated at nearly US$4.6 billion, a year-on-year increase of 42.7%.
Meanwhile, the city’s import turnover was up 30.6%, hitting nearly US$6.8 billion.

Source: VNA



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