Hanoi's export turnover exceeds US$1.4 billion in August

Hanoi's export turnover in August reached over US$1.4 billion, up 3.1% inter-monthly, according to the Hanoi Statistics Department.

Electronics production at Channel Well Technology Vietnam in Quang Minh Industrial Park, Me Linh District, Hanoi. Photo: Pham Hung/The Hanoi Times

Specifically, the export growth of domestically invested enterprises increased by 9.7% from July to reach $846 million. However, the foreign-invested sector experienced a 5.1% month-on-month decline to $590 million.

In January-August, Hanoi's export turnover decreased by 4.6% year-on-year to $10.8 billion. This decline occurred in the domestic and foreign-invested sectors, down 0.7% and 9.4%, respectively.

Some commodity groups experienced year-on-year declines in export sales, such as textiles and apparel (down 19.2%), petroleum products (6.6%), wood and wood products (16.8%), and footwear and leather products (20.7%).

Other groups with year-on-year growth in export turnover included computers, electronic products and components (0.6%); machinery, equipment and spare parts (3.3%); transport vehicles and spare parts (18.4%); and agricultural and seafood products (19.7%).

The Hanoi Department of Industry and Trade has taken several measures to help businesses boost their exports.

Hanoi is committed to supporting local businesses and ensuring that exports reach the targeted 6% annual growth, said Tran Thi Phuong Lan, Acting Director of the city's Department of Industry and Trade, adding that this is part of the city's export-import strategy until 2030.

Nationally, Vietnam also experienced a decline in total export turnover in the first eight months of 2023. The Ministry of Industry and Trade assessed that the global economy is still facing difficulties, and although there are signs of recovery, it is slow and uneven across countries, leading to a significant decline in consumer demand.

However, the country's export activities are expected to recover better in the second half of this year due to reduced inventories of goods in major markets, especially the US, and importers showing signs of placing orders again.