Binh Duong achieves record $10 bln trade surplus in 2024

2024 marks a significant milestone for southern Binh Duong province's import-export activities, with an estimated trade surplus of $10 billion.

According to a report from the provincial Department of Industry and Trade, the province's export turnover is estimated at $34.5 billion this year, a 13% increase compared to last year and exceeding the annual plan by nearly 3%, and accounting for nearly 10% of the country's total.

Six key export products – wood, textiles, footwear, iron and steel, and electronics – are projected to contribute over $19 billion, accounting for 56% of the province's total exports while textiles also saw a 15% increase year-on-year, standing at $3.2 billion.

Conversely, total imports are estimated at $24.5 billion, a 12% increase year-on-year, mainly comprising raw materials and machinery and equipment, with China being the largest supplier.

Mr. Nguyen Thanh Toan, Director of the Binh Duong Department of Industry and Trade, noted that the nearly $10 billion trade surplus demonstrates the resilience of businesses in the province in the face of market fluctuations and their proactive and effective adaptation in production and export.

"Businesses have effectively leveraged opportunities from free trade agreements to expand their markets, particularly China, the US, the EU, and Japan. This reflects the sustainable economic development of the province," Mr. Toan remarked.