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Tuesday, July 16, 2024

HCMC’s Q1 exports at 22-year low

The Saigon Times

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HCMC – Exports of HCMC in January-March this year dropped 17% year-on-year to a little more than US$10 billion, the greatest first-quarter slide in 22 years, according to the city’s Department of Industry and Trade.

This year the city’s export sector has been experiencing the greatest challenge ever, the department’s deputy director, Nguyen Nguyen Phuong, told the local media, adding almost all sectors, especially textiles, farm produce and woodwork, have reported poor export performance.

Preliminary data from the HCMC Union of Business Associations (HUBA) showed that quarter-one textile exports edged down 8% compared to the first quarter last year. Wooden and handicraft exports dipped by 15%, with woodchips and pellets plunging by 45%.

Though the food and beverage sector reported slight growth, its sales inched down 2%. It is estimated that the sector may see a 4% fall in exports due to weak demand in international markets.

The lower-than-expected export performance led to HCMC’s low economic growth in January-March, as the export sector is a key economic driver of the city, said Phuong.

The steep fall in export revenue resulted from fewer orders from overseas markets. If the situation persists, it will be hard for HCMC’s economy to achieve as high growth as last year, he added.

To help the city’s exports and economy get back on track, the department has decided to organize the HCMC Export 2023 Forum and Trade Fair next month.

The event aims to create opportunities for businesses to find partners, customers and importers, as well as expand their markets.

It is expected to attract around 8,000 visitors and feature 250 booths from Vietnamese enterprises, foreign-invested businesses, trade promotion agencies and many associations of agricultural products, textiles and garments, wooden furniture and handicrafts, food and beverages.

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