Dong Nai: Import and export results show signs of trade deficit

VCN - The economy entered the new normal period and measures to support businesses stimulated the need to import raw materials for production at the end of the year, making Dong Nai's trade balance of import and export goods face a deficit in September 2021.
Civil servants of Bien Hoa Customs Sub-Department supervise import and export goods. Photo: Vo Van Thiep
Civil servants of Bien Hoa Customs Sub-Department supervise import and export goods. Photo: Vo Van Thiep

Specifically, facing the developments of the Covid-19 pandemic, Dong Nai and southern provinces continue to implement social distancing according to Directive 16/CT-TTg of the Prime Minister, making the circulation process and freight interrupted.

Along with that is the lack of empty containers and high freight rates; many businesses apply the "3 on the spot" model with low capacity; some businesses have temporarily stopped operating, affecting the import and export activities of businesses in Dong Nai.

According to data from the Dong Nai Department of Industry and Trade, the import-export turnover in September 2021 is estimated at US$2,812 million, up 5.4% compared to August and down 3.4% over the same period in 2020.

In which, export turnover was estimated at US$1,367 million, up 6.7% over the previous month and down 18% over the same period last year. Import turnover was estimated at US$1,445 million, up 4.2% and 16.2% respectively over the previous month and the same period last year.

Thus, it is estimated that Dong Nai's trade balance of goods recorded a trade deficit of US$77 million in September 2021.

According to the Dong Nai Department of Industry and Trade, this is the first time that Dong Nai's trade balance of goods has faced a trade deficit after many consecutive years of maintaining a surplus. However, the trade balance of import and export goods in the first nine months of 2020 still maintained a trade surplus of over US$2 billion.

Total import and export turnover in nine months of 2021 was estimated at US$30,596 million, up 28.6% over the same period last year. In which, imports increased by 21.5%, estimated at US$16,299 million, and imports were estimated to increase by 48%, reaching US$14,296 million.

According to the Dong Nai Statistics Department, the growth rate slowed down due to the negative impact of the Covid-19 pandemic on the production and business activities of enterprises, causing several items with a decrease in export turnover compared to the same period last year as textile, garment down 2.53%; shoes of all kinds 8.68%.

Footwear and textiles are two key production and export products of the province, accounting for about 30% of total export turnover. Many businesses had to temporarily suspend operations, such as Changshin Vietnam Co., Ltd. with 42,000 employees; Taekwang Vina Industrial Joint Stock Company with 33,000 employees; Dona Standard Shoes Co., Ltd., with 29,000 employees; Pousung Vietnam Co., Ltd. has about 25,000 employees; Pouchen Vietnam Co., Ltd. 17,000 employees; Hwaseung Vina Co., Ltd. 15,000 employees, causing the export turnover of these two industries to decrease.

Currently, the demand for raw materials for year-end production is rising thanks to economic activities entering a new normal. Some imported goods in nine months increased quite well, such as animal feed and raw materials increased by 11%, chemicals increased by 70%, plastic raw materials increased by 43%, fibers and textile fibers increased by 32.4%, computers, electronic products, and components increased by 51%.

While some industries were operating in moderation, imports increased slightly and decreased, such as fabrics of all kinds increased by 3.51%; raw materials for textile, garment, leather, and shoes decreased by 0.53%; other machinery, equipment, tools, and spare parts decreased by 0.39%.

By Nguyen Hien/Dieu Huong

Related News

Trade deficit from China in the first two months of the year hits over US$ 11 billion

Trade deficit from China in the first two months of the year hits over US$ 11 billion

VCN – Over the past two months of the year, Viet-Nam trade turnover reached over US$ 27 billion.
Navigating through small and fragmented orders

Navigating through small and fragmented orders

VCN - As 2023 progressed past three-quarters of its duration, it became an increasingly challenging time for textile and garment enterprises. This period was marked by a significant drop in consumer demand, leading to a decline in exports across many major markets.
Textile and garment exports are expected to reach 40.3 billion USD

Textile and garment exports are expected to reach 40.3 billion USD

VCN - Textile and garment exports for the whole year are expected to earn 40.3 billion USD. The industry's export target for 2024 is 44 billion USD.
It is necessary to soon have instructions for implementing the Textile, Garment, and Footwear Development Strategy

It is necessary to soon have instructions for implementing the Textile, Garment, and Footwear Development Strategy

VCN - Mr. Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association shared about the challenges of the industry in the trend of greening and sustainable development taking place dramatically.

Latest News

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Opportunities for digital technology businesses to go global

Opportunities for digital technology businesses to go global

Finding solutions and directions to promote and develop Vietnamese digital technology enterprises is an important task, which will promote the stability and sustainability of the country's economy, heard a recent conference.
Vietnam, China eye stronger border trade

Vietnam, China eye stronger border trade

Border provinces of Vietnam and China should continue close coordination and enhance trade promotion between the two sides, stressed the recent talks between the management boards of the economic zone of the northern province of Ha Giang and the Malypo border economic cooperation zone of China’s Yunnan province.
Improve competitiveness and sustainable development of the seafood industry

Improve competitiveness and sustainable development of the seafood industry

VCN - In early 2024, seafood exports have prospered. This is the driving force that helps seafood businesses hope for a stronger recovery this year. Ms. Nguyen Thi Thu Sac, Chairwoman of the Vietnam Association of Seafood Exporters and Producers (VASEP) shared with Customs Magazine.

More News

Business environment reform needs further promotion: expert

Business environment reform needs further promotion: expert

Resolution 02 issued by the Government creates pressure for the ministries, sectors and localities to make changes for the business community as well as the socio-economic development.
Singapore is the largest foreign investor in VN in Q1

Singapore is the largest foreign investor in VN in Q1

The disbursed FDI rose by 7.1 per cent in the first quarter to reach $4.63 billion, a signal that the disbursement will continue the positive trend, the agency said.
Thai Binh boosts investment, trade cooperation with Germany

Thai Binh boosts investment, trade cooperation with Germany

A delegation from the northern province of Thai Binh, led by Deputy Secretary of the provincial Party Committee Nguyen Khac Than, visited several localities and business organisations in Germany from March 25 to 27, in a bid to enhance trade cooperation with and attract direct investment from the European nation.
Lifting obstacles to develop industrial parks

Lifting obstacles to develop industrial parks

VCN - Attracting investment and developing industrial zones (IZs) and economic zones (EZs) is one of the important contents to implement the policy of developing a multi-component, open, attract investment and resources from all economic sectors to develop the country. In addition to the results achieved, there still limitations that need to be removed to draw investments to develop industrial parks and economic zones, including financial problems for industrial parks.
Unlock capital flows and create favorable conditions for investors

Unlock capital flows and create favorable conditions for investors

VCN - Talking with the press, Dr. Ngo Cong Thanh (Photo), Provisional Executive Committee member of the Vietnam Industrial Park Finance Association (VIPFA), said that it is necessary to open up capital flows and create conditions for investors to access key factors. Facilitate production and business factors and innovate investment promotion activities to more effectively develop industrial parks.
More than 300 businesses, manufacturers to attend VGMF 2024

More than 300 businesses, manufacturers to attend VGMF 2024

More than 300 domestic and foreign businesses and manufacturers will attend the Vietnam Global Manufacturing Forum 2024 (VGMF2024) to explore investment and business cooperation opportunities.
Connecting with FDI firms helps boost wood exports: insiders

Connecting with FDI firms helps boost wood exports: insiders

Strengthening linkages and cooperation between foreign-invested and domestic enterprises will contribute to promoting the sustainable development of the Vietnamese wood industry, according to insiders.
Doosan Vina exports nearly 2,000 tonnes of modules to US

Doosan Vina exports nearly 2,000 tonnes of modules to US

The Doosan Enerbility Vietnam (Doosan Vina) specialising in heavy industries announced on March 26 that it has just exported a batch of nine modules weighing nearly 2,000 tonnes to the Golden Triangle Polymers company in Texas, the US.
Wood processing enterprises strive to increase the proportion of individually designed goods

Wood processing enterprises strive to increase the proportion of individually designed goods

VCN - Many wood and furniture processing enterprises are promoting investment in design activities, helping to increase the proportion of individually designed products (ODM) in exports, thereby affirming the industry's capacity Vietnamese wood in segments with higher added value.
Read More

Your care

Latest Most read
ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Opportunities for digital technology businesses to go global

Opportunities for digital technology businesses to go global

Finding solutions and directions to promote and develop Vietnamese digital technology enterprises is an important task, which will promote the stability and sustainability of the country's economy, heard a recent conference.
Vietnam, China eye stronger border trade

Vietnam, China eye stronger border trade

Border provinces of Vietnam and China should continue close coordination and enhance trade promotion between the two sides, stressed the recent talks between the management boards of the economic zone of the northern province of Ha Giang and the Malypo border economic cooperation zone of China’s Yunnan province.
Improve competitiveness and sustainable development of the seafood industry

Improve competitiveness and sustainable development of the seafood industry

In early 2024, seafood exports have prospered. This is the driving force that helps seafood businesses hope for a stronger recovery this year.
Business environment reform needs further promotion: expert

Business environment reform needs further promotion: expert

Resolution 02 issued by the Government creates pressure for the ministries, sectors and localities to make changes for the business community as well as the socio-economic development.
Mobile Version