Manufacturing, processing exports grow slowly

The export turnover of manufacturing and processing industry grew slowly in the first two months this year approximating 5.4 percent over the same period last year, reported the Ministry of Industry and Trade.

A garment and textile firm in HCMC (Photo: SGGP)

That was a rather low growth rate compared to a year ago when it reached 16.6 percent.

Twenty one out of 42 export commodities saw a slowdown including phones and parts, computers, electronic components, cameras and accessories affecting the country’s export growth.

Agricultural, forestry and fishery group showed a recovery compared to a year back. Rice, vegetables and cashew nuts got rather high growth rates.

Two month export turnover increased by US$667 million over the same period last year. Of these, foreign direct investment (FDI) firms hiked over US$800 million excluding crude oil while domestic sector reduced US$288 million. Local firms still met with export difficulties.

The country’s import turnover dropped nearly US$1.6 billion over the same period last year, of these FDI sector downed $1.13 billion and domestic firms slid $467 million.

Trade surplus was estimated to hit US$865 million in the first two months, accounting for 3.7 percent of the export turnover. Domestic sector posted a trade deficit of US$2.1 billion while FDI gained a trade surplus of US$2,9 billion including crude oil.

By Ha My – Translated by Hai Mien

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