Formosa contributes nearly 95% of Ha Tinh's exports.

The 10-month socio-economic report of the People's Committee of Ha Tinh province shows that: Total import and export turnover in October is estimated at 456.1 million USD, down 32.2 million USD compared to the previous month but up 169.7 million USD compared to the same period last year.

In the first 10 months of 2023, the total import and export turnover is estimated at more than 5.31 billion USD, an increase of 19.79% over the same period, equivalent to an increase of 877.3 million USD, with a trade deficit of 744 million USD.

In October 2023 alone, the province's total export turnover is estimated at 182.6 million USD, an increase of 4.44% over the previous month and up to 44.89% over the same period last year.

Formosa contributed mainly to Ha Tinh 's exports in October. (Photo: L.Bang)

Of which, exports from Formosa alone reached more than 172.7 million USD (accounting for 94.59% of export turnover), up 6.15% compared to the previous month and up 60.77% compared to the same period.

Ha Tinh Provincial People's Committee assessed: This is the main reason directly affecting export turnover in the month, demonstrating that businesses have made efforts in developing the market, making good use of free trade agreements (FTAs) and the economic recovery of many countries.

However, India's initiation of an anti-dumping investigation into stainless steel welded pipes originating or imported from Thailand and Vietnam will make steel exports difficult in the coming time.

In the first 10 months of 2023, Ha Tinh's export turnover reached nearly 2.28 billion USD, an increase of 60.19% over the same period last year.

Accordingly, the total export turnover of steel and steel billet in the province in 10 months increased by 70.46% over the same period, tea export increased slightly by 1.91%.

In addition to the positive growth of commodity groups, there are still some export groups facing difficulties. These include fiber, yarn, and textile products (down 19.32%); wood chips (down 14.67%); and seafood (down 10.8%). Demand from partner markets has decreased, leading to a decrease in orders. Export activities of fiber, yarn, and textile products have faced a shortage of orders since 2022.

Formosa Ha Tinh’s activities also significantly impacted the local import turnover. According to the report, the import turnover in October was estimated at 273.5 million USD, down 12.76% compared to the previous month but still up 70.6% compared to the same period last year (up nearly 113.2 million USD).

The main reason is that Formosa has reduced the import of raw materials for production, combined with the fact that the domestic market has met enough consumer demand, and the instability in the prices of gasoline and oil has also caused investors to limit the import of these items.

Chairman of Ha Tinh: Learning from Formosa's experience, resolutely stop Thach Khe iron project Chairman of Ha Tinh Provincial People's Committee Vo Trong Hai said that the exploitation of Thach Khe iron mine will cause many consequences. Therefore, the province resolutely proposes to stop Thach Khe iron mine.

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