HCMC’s export turnover signals slowdown

SGGP
Since the beginning of this year, export turnover of Ho Chi Minh City-based enterprises through border gates was estimated at US$19.62 billion, up 9.2 percent whereas it rose 7.6 percent last year.

HCMC’s export turnover signals slowdown

If excluding crude oil, export turnover was estimated at $18.45 billion, an increase of 10.1 percent whereas it increased 10.9 percent last year.

Although export turnover of the city still maintained good growth, experts said that export of city-based enterprises showed signs of slowdown in comparison with the same period last year due to negative impacts from global economic movements, especially at key economies – top trade partners of Vietnam – amid increasing tensions caused by the trade war between the US and China and the UK’s withdrawal from the EU without an agreement.

As for each industry, export turnover of agro-forestry-aquatic products merely reached $2.3 billion, down 3.49 percent over the same period last year, due to several difficulties. Some products saw excessive supply, low prices, increasing competition and stagnant consumption. Industrial and other products posted more positive growth with export turnover at $12.9 billion, up 14 percent and $1.38 billion, up 14.1 percent over the same period last year, respectively.

Import turnover of city-based enterprises via border gates was estimated at $24.82 billion, up 9.4 percent over the same period last year. Trade deficit was $5.2 billion.

By Phuc Anh – Translated by Thuy Doan

Other news