February exports provide positive signal in Binh Duong province

Wood production for export (Photo: VNA)

The southern industrial hub of Binh Duong has seen a recovery in exporting activities with many major exports seeing increases in revenue in February after a slump in orders in the first month of the year, according to the provincial Department of Industry and Trade.

The department said that in February, the province recorded a surge of 91% in the export of wood and wooden furniture, 33% in garments, 28% in electronic accessories, and over 30% in automobile spare parts.

In the month, the locality posted a 42.7% increase in export revenue over January and 25.7% year on year.

The domestic sector earned 497 million USD, 46.2% month on month and 26.5% year on year, while that of the foreign-invested sector was 2.1%, a year-on-year rise of 25.5%.

According to the provincial Statistics Office, despite the February rise, Binh Duong still saw a year-on-year decrease of 18.7% in export revenue in the first two months of this year.

The US was still the largest export market of Binh Duong in the January-February period with nearly 1.5 billion USD, accounting for 32.2% of the province’s total export revenue.

A downturn was also seen in other traditional markets such as the EU (21.4%), Japan (6.1%), and the Republic of Korea (20.8%).

According to the Binh Duong Association of Exporters, in the beginning of the year, a shortage of orders due to a global recession, coupled with a long Lunar New Year holiday and high interest rates, hurt production and export activities of local firms.

However, local exporters have seen a recovery in orders and received great support from the local administration, it said.

In the first two months of this year, Binh Duong posted a trade surplus of 905 million USD, with the domestic sector earning 326 million USD and foreign-invested sector enjoying 579 million USD./.

VNA