Ba Ria - Vung Tau: Stable retail sales, import - export turnover tends to decrease

On November 4, according to information from the Department of Industry and Trade of Ba Ria - Vung Tau province, since the beginning of the year, import and export activities in the locality have tended to decrease in growth, industrial production value, trade - service revenue, and retail sales of goods in the province have basically grown steadily.

Export-import turnover growth decreased - Photo: SCT BR-VT

Specifically, export turnover in October 2023 is estimated at 570.81 million USD, accumulated in 10 months is estimated at 6,051.77 million USD, down 7.83% over the same period. Of which, export turnover excluding crude oil in October 2023 is estimated at 386.44 million USD, accumulated in 10 months is estimated at 4,170.2 million USD, down 3.4% over the same period (plan to increase by 11.23%).

Explaining this issue, the Department of Industry and Trade of Ba Ria - Vung Tau province said that difficulties and challenges are still surrounding businesses in the wood, steel, and textile industries, and the tightening of credit by banks for real estate has greatly affected businesses.

High inventories and low demand for construction steel have forced businesses to cut production from 3 shifts to 2 shifts per day, and at times even had to temporarily stop production. With no export orders, many businesses are “on the brink of loss”.

Production of Phu My NPK fertilizer products - Photo: SCT BR-VT

On the other hand, the world situation has many challenges and unexpected factors. These include the continued rise of protectionism, especially in Europe and the US; the instability and unpredictability of the Chinese steel market; the Russia-Ukraine conflict pushing up input prices, while product prices continuously fall, causing the steel industry to face many difficulties.

The decrease in demand for production and export of goods has led to a decrease in demand for imported goods in the first 10 months of the year. Import turnover in October 2023 is estimated at 507.2 million USD, accumulated in 10 months is estimated at 5,223.2 million USD, down 4.54% over the same period (the plan increased by 11.32%).

Also according to the Department of Industry and Trade, from the beginning of the year until now, in general, the value of industrial production, trade - service revenue, and retail sales of goods in the province have basically grown steadily. The index of industrial production (IIP) including crude oil and gas recovered with an increase of 11.33% over the same period.

The Department of Industry and Trade of Ba Ria - Vung Tau province said that in the coming time, the unit will continue to carry out assigned tasks, actively implement the targets and tasks as well as advise the Provincial People's Committee to direct and manage economic development in the field of industry and trade to ensure stable economic activities in the locality.

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