Manufacturing News 18/10/2024, 08:50

Nghe An sees strong growth in exports to Singapore and China

Enterprises in Nghe An have successfully exported goods to 142 countries and territories worldwide. In the first nine months of 2024, the province's export turnover to several markets surged compared to the same period last year.

Nghe An sees strong growth in exports to Singapore and China

In the first nine months of 2024, Nghe An's total import turnover is estimated at 1.69 billion USD, a 73.51% increase year-on-year, reaching 112.67% of the annual target.

At the same time, the province's total export turnover is projected at 2.326 billion USD, an increase of 32.01% compared to the same period in 2023, achieving 84.58% of the yearly goal.

This increase is attributed to several factories expanding production lines and receiving additional orders, as well as new factories stabilizing their output. Consequently, some export products have seen significant growth compared to the same period last year, such as footwear up 88.1%, electronic equipment and components up 84.4%, electric wires and cables up 74.5%, textiles up 30.1%, and steel sheets up 29.2%. Additionally, rice exports from Nghe An enterprises rose by 75%.

During this period, Nghe An businesses have exported goods to 142 countries and territories globally. Export turnover to several key markets has increased dramatically year-on-year, including Singapore, up by 111.5%, Hong Kong (China) up by 87.5%, Taiwan (China) up by 68.4%, Germany up by 47.7%, Japan up by 28.8%, and South Korea up by 16.7%.

Nghe An's export turnover in 2024 is estimated to reach around 3.5 billion USD. Meanwhile, import turnover for the first nine months is estimated at 1.69 billion USD, up 73.51% compared to the same period in 2023.

According to the leadership of the Nghe An Department of Industry and Trade, to develop a fast and sustainable import-export sector, the province has focused on supporting textile enterprises and agricultural processing businesses in trade promotion activities and facilitating connections with commercial counselors to expand and seek new markets.

Nghe An's industry and trade sector has also organized trade connection conferences between local enterprises and businesses in Houston, Texas (U.S.), sent delegations to participate in trade programs and fairs in Phnom Penh (Cambodia), and joined export promotion activities both domestically and internationally.

Previously, Nghe An set an export target of 2.75 billion USD for 2024, with six product groups expected to achieve export turnovers of over 100 million USD.

Leading the list is the electronic equipment and components group, with export turnover projected at around 680 million USD, followed by construction materials at 550 million USD, textiles at 500 million USD, wood chips at 200 million USD, seafood at 140 million USD, and footwear at 100 million USD.

Nghe An’s export of electronic equipment and components is expected to continue growing in the coming years as various projects become fully operational.

Export turnover has been a standout highlight for Nghe An, exceeding the targets set in the province's 19th Party Congress (2020-2025) in the first year of the term. The goal for 2025 was set at 1.765 billion USD, but in 2021, Nghe An already achieved 2.428 billion USD; in 2022, it reached 2.539 billion USD, and in 2023, it surpassed 3 billion USD for the first time, reaching 3.11 billion USD.

VNECONOMY/ TRANSLATOR: NGỌC ÁNH
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