Expectations for a bright new year

In 2024, the local industry and trade sector set a target of striving to achieve the province's export turnover of 791.3 million USD, an increase of 10.76% compared to 2023.

Looking back at the past year, local businesses involved in exporting goods continued to be affected by the general difficult context due to the conflict between Russia and Ukraine and the situation after the Covid-19 pandemic. On the other hand, the global economy also faced the risk of declining growth rate, people and governments of countries tightened spending, causing consumer demand to decrease, affecting Binh Thuan's goods exports.

Garment - a product that contributes significantly to local goods export turnover (Illustration photo).

The results of the implementation in 2023 showed that the province's total export turnover only reached 714.4 million USD, down 8.59% compared to the previous year. It is noteworthy that both groups of "leading" export goods of the locality decreased compared to the same period: The group of aquatic products reached 214.77 million USD (down 14.13%) and the group of other goods contributed 485.42 million USD (down 6.37%). Meanwhile, although the group of agricultural products had a fairly good growth rate of 14.25 million USD (up 9.86%), it accounted for a low proportion of the total turnover, so it had an insignificant impact on the overall export results of the province...

Entering 2024, Binh Thuan Industry and Trade Department plans to target export turnover of 791.3 million USD - this figure is nearly 30 million USD lower than the plan for 2023, but increases 10.76% compared to last year's results. Therefore, in the coming time, the province's export activities must still strive to overcome difficulties and take advantage of new opportunities to achieve the set target because the world economic situation is forecast to continue to be unpredictable.

However, the recent export situation also shows positive signs, that is, enterprises producing textiles and footwear (belonging to other commodity groups) have started to have increased export orders again in the last 2 months of last year. For the seafood group (accounting for more than 30% of export turnover), currently the whole province has 31 enterprises that are allowed to directly export or export products on behalf of foreign markets. These enterprises participate in exporting a variety of products such as dried seafood, frozen seafood of all kinds, sushi, sashimi, surimi - fish cakes... to traditional markets, also contributing to increasing the export turnover of goods for the locality.

Adding to the positive expectation is that in the "opening" month of the new year (January 2024), Binh Thuan's export of goods showed remarkable growth when reaching a turnover of 71.5 million USD, an increase of 11.3% over the previous month and an increase of nearly 70% over the same period last year. Specifically: The seafood group is estimated to reach 18 million USD (an increase of 31.9% over the same period) and the other commodity group is estimated to achieve 52.7 million USD (an increase of more than 90%), the agricultural product group alone is estimated to bring in 0.8 million USD (a decrease of 12.6%). In which, footwear and textiles are the two items that contribute to increasing the turnover of other commodity groups when the locality has the capacity to increase thanks to Nam Ha Vietnam Shoes Company Limited coming into operation from December 20, 2023...

It is known that Binh Thuan has expanded the export of local staples to nearly 80 countries and territories around the world. Typical main export markets of some of the province's products include: Garments (Japan, Taiwan), various types of footwear (USA, Netherlands, Japan, Italy, Canada). As for seafood, it focuses on exporting to the UK, France, USA, Germany, Netherlands, Japan, Taiwan, China, Korea, Israel, Sri Lanka... In addition, there are markets for dragon fruit products (Thailand, Canada, India, China, Hong Kong, Australia), cashew nuts (USA, China), rubber (USA, Taiwan). Along with that, some other products such as wooden furniture, various types of paper, fish sauce... are exported to the markets of the US, Australia, Belgium, Japan, Hong Kong.

From the performance of key commodity groups in the first month of the new year and the potential to expand foreign consumption markets along with optimistic signals, Binh Thuan's commodity exports are expected to regain strong growth momentum towards exceeding the set target in 2024...

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