Binh Duong first half trade surplus hits $2.6b

Saturday, Jul 11, 2020 10:55

The southern province of Binh Duong enjoyed a trade surplus of US$2.6 billion in the first half of 2020. — VNS Photo

The southern province of Binh Duong recorded a trade surplus of US$2.6 billion in the first half of the year, according to its Department of Statistics.

Its exports topped US$11.9 billion, marginally up year-on-year, while imports rose 4.2 per cent to $9.4 billion.

Wood products topped the export list, increasing by 0.6 per cent to $1.7 billion.

According to the Binh Duong Wood Processing Association, the global COVID-19 outbreak has affected the wood industry in the form of lack of timber supply and sharp fall in demand for furniture.

But the industry has managed to overcome these problems thanks to the increased domestic supply of raw materials and diverse, unique and innovative products and improved quality that sustained exports.

The garment and textile sector saw exports increase by 0.6 per cent to $ 1.2 billion.

Footwear exports to the US and Japanese markets are projected to bounce back in the post-pandemic period.

Companies need to seize the opportunities to bolster production and exports once the pandemic is fully controlled, experts said.

Other industries have gradually recovered, though many factories still face difficulties like lack of funds and new export orders due to the slow recovery of export markets.

Binh Duong’s GDP grew by 6.73 per cent in the first half, while its industrial production was up 6.4 per cent. — VNS

Comments (0)