The Machinery Exporters Association (MAIB) issued a report highlighting the regression in the merchandise trade during April. The report outlined that the farm machinery exports decreased by 21.9 percent in quantity and 3.7 percent in value compared to the previous year.
In terms of further analysis for the January-April period, the report indicated a 6.4 percent increase year-on-year and the turnover reached the level of US$489 million in total. According to the information gathered, the national industry ranked 6th among 23 sectors in the overall machinery sectors ranking.
In spite of the fact that the exports increased in value, there was an 11.9 percent decrease in quantity. With the base effect of this decrease, the export unit value per kg increased compared to the previous year and became 5.6 dollars in the Jan-Apr period.
Additionally, the total imports of Q1 2023 also increased by 72 percent year-on-year and reached the level of US$313.5 million. These data pointed out a foreign trade surplus of 75.6 million dollars in the national sector as of March and ranked 5th among 23 sub-industries in the overall machinery sectors ranking with the ratio of exports to imports.
In the grand scheme of things, the total exports of the overall sub-industries in the machinery manufacturing sector increased by 7.3 percent year-on-year and reached the level of US$8.07 billion and the export unit value per kg was 7.3 dollars during the January-April period of 2023.