Dong Nai's exports to US set for H2 growth
Dong Nai's exports to US set for H2 growth
The southern Dong Nai Province's exports to the US is likely to maintain good growth in the second half of this year, fuelled by the recovery of the world's largest economy.
Director of the provincial Department of Industry and Trade Le Van Danh made this statement. The US's June employment report showed that its recovery is accelerating with 288,000 jobs being added, cutting the unemployment rate to 6.1 per cent, the lowest level since 2008.
According to Danh, many companies in the garment, footwear and agriculture sectors in the province have received orders to export goods to the US till the end of the year.
Deputy President of the Dong Nai Association of Exporters Nguyen Ngoc Tuan said the US was among the major export markets of the southern province this year, which would bring great opportunities to boost the export volume and value.
The US was the leading export market of Dong Nai in the first six months of this year, with the total export turnover reaching nearly US$1.5 billion.
In June alone, the export turnover reached $280 million, a rise of 86 per cent over the previous month.
The US imports mainly garments, footwear and agricultural products from the province.
However, the provincial Department of Industry and Trade warned the local export companies to pay attention to the US's technical barriers which have strict requirements regarding everything from raw materials to the production process.
Previously, exports to the US which failed to meet standards were allowed to be re-exported. However, substandard products would be destroyed from this year.
With the Trans-Pacific Partnership Agreement, which would be signed soon, likely to offer tax reductions to many products exported to the US, the province would have great opportunities to boost export growth.
The department said that it would improve the export conditions and provide information about credit packages to local companies to help them expand their export markets.
Dong Nai was among the major provinces with a large export value that contributed around 10 per cent to the country's total export turnover.
bizhub
