The southern province of Binh Phuoc ran a trade surplus of nearly 1 billion USD this year, according to its economic growth report 2018.
Processing cashew nuts (Source: VNA)
The locality earned over 2.24 billion USD from exports, up nearly 6 percent year-on-year while spending 1.4 billion USD on imports, up 2 percent.
Chairman of the provincial People’s Committee Nguyen Van Tram said exports already met targets with rubber export volume of over 300,000 tonnes, up 4.4 percent annually. Together with cashew nuts and peppercorn, rubber is one of its key farm produce.
Despite climate change, insects and reliance on imported materials, its cashew sector exported 89,000 tonnes, up 11.08 percent, creating jobs to over 50,000 regular workers.
In industrial production, wood and wooden furniture export revenue hit 109 million USD, up 13.54 percent while earnings from garment went up 12.63 percent to 164 million USD. Footwear earned 289 million USD, up 14.68 percent; iron and steel with 6 million USD, up 25 percent; computers, electronics and spare parts with 35.5 million USD, up 19.53 percent.
Imports were mostly machinery, production lines and raw materials by foreign-invested firms.
The provincial Department of Planning and Investment attributed the surplus to growth of key currency earners such as rubber, peppercorn and cashew nuts, and increasing foreign direct investment inflow.VNA