Which localities record US$20 billion in commodity exports in seven months?

As of July, the export turnover of the two localities reached US$23.6 billion and US$20.6 billion, respectively, ranking first and second in the country. Following is Binh Duong, with export turnover in the initial seven months of the year hitting US$17.34 billion.

Regarding imports, the five localities with the highest import during the reviewed period include Ho Chi Minh City with US$31.1 billion, Hanoi with US$20.2 billion, Bac Ninh with US$17.5 billion, Binh Duong with US$12.2 billion, and Hai Phong with US$11.4 billion.

Over the years the southern metropolis has always played the role as the leading locality in the country in terms of imports and exports.

According to information provided by the Vietnam Import and Export Report 2022, Ho Chi Minh City also led the 10 provinces and cities with the highest export turnover nationwide with US$47.5 billion.

However, like many other localities across the country, the southern city’s imports and exports since the beginning of the year have faced numerous difficulties and have been in decline.

During the seven-month period, the city's exports fell by US$5 billion. This decline can primarily be put down to the fact that the global economy has been strongly affected by geopolitical conflicts, whilst high global inflation has made consumers "tighten their wallets", thereby causing negative impacts on the exports of the whole country, including Ho Chi Minh City.

According to survey results given by the HCM City Business Association members, June alone saw 30% to 50% of enterprises lack new orders, of which the strongest impact was recorded in the leather, footwear and garment industry with revenue dropping by 30% to 50%. Elsewhere, wood production saw a drop of 31%; the rubber-plastic industry endured a drop of 20%, and labour by 30% due to a steep fall in orders.

In particular, the steel industry showed the most difficulty when up to 95% of enterprises reported losses, with revenue plunging by 40% to 50%, while inventories increased coupled with falling domestic purchasing power.

Therefore, the HCM City Business Association has requested that municipal leaders propose that the Government direct the implementation of business support packages in an appropriate and practical way, such as assisting them in finding orders, bolstering exports to new markets, and participating in and organizing a broad array of fairs and exhibitions.

To help the southern city, as well as other localities throughout the country, boost their exports, Ho Chi Minh City and the Ministry of Industry and Trade are poised to host a string of events which aims to connect the international goods supply chain. This includes conferences, seminars, trade connection activities, and an exhibition connecting the international goods supply chain, namely Viet Nam International Sourcing Expo 2023.

The event seeks to effectively support businesses in their efforts to become more involved in the global production and supply chain, adapt to the trend of deeper international economic integration, as well as enhancing connectivity between distribution channels and foreign importers, as well as domestic production and export enterprises. This will serve to promote export growth at the end of the year.