Sunday , April 14 2024

HCMC’s export turnover drops 22.4% in H1

Ho Chi Minh City’s export turnover in the first half of this year reached an estimated $19.42 billion, down 22.4% year-on-year.

The total import turnover of enterprises of the country’s economic locomotive through the national border gates in the period also decreased by 24.2% over the same period last year to $25.55 billion.

Statistics from the municipal Department of Customs show that the export value of computers, electronic products and components; aquatic products; and coffee via the municipal border gate in the January – June period respectively dropped by 31%, 37% and 30% year-on-year.

The situation was blamed on strong impacts from geopolitical conflicts, high global inflation, and a downward trend in consumption globally.

According to Dinh Ngoc Thang, Director of the municipal Department of Customs, the drop in the export and import value led to a decrease of 9.4% in the budget revenue from import and export activities in the period.

Pham Binh An, Deputy Director of the HCM City Institute for Development Studies, said in the context of difficulties facing export activities, municipal authorities should focus on supporting specific sectors, and soon implement solutions to stimulate domestic consumption demand such as expanding consumer credit, establishing new commercial space such as river economy and night economy.

The city needs to restore business confidence by effectively implementing supportive policies on interest, credit, and taxes, he stressed.

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