Binh Phuoc runs trade surplus of nearly US$1 bln in 2018

The southern province of Binh Phuoc ran a trade surplus of nearly US$1 billion this year, according to its economic growth report 2018.

binh phuoc runs trade surplus of nearly us$1 bln in 2018 hinh 0

The locality earned over US$2.24 billion from exports, up nearly 6% year-on-year while spending US$1.4 billion on imports, up 2%. 

Chairman of the provincial People’s Committee Nguyen Van Tram said exports already met targets with rubber export volume of over 300,000 tonnes, up 4.4% annually. Together with cashew nuts and peppercorn, rubber is one of its key farm produce. 

Despite climate change, insects and reliance on imported materials, its cashew sector exported 89,000 tonnes, up 11.08%, creating jobs to over 50,000 regular workers. 

In industrial production, wood and wooden furniture export revenue hit US$109 million, up 13.54% while earnings from garment went up 12.63% to US$164 million. Footwear earned US$289 million, up 14.68%; iron and steel with US$6 million, up 25%; computers, electronics and spare parts with US$35.5 million, up 19.53%. 

Imports were mostly machinery, production lines and raw materials by foreign-invested firms. 

The provincial Department of Planning and Investment attributed the surplus to growth of key currency earners such as rubber, peppercorn and cashew nuts, and increasing foreign direct investment inflow.

VNA

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