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.|
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.