Export values in Huaphan decrease, while imports rise
Export values in Huaphan decrease, while imports rise
The value of products exported from Huaphan province to Vietnam last fiscal year decreased in comparison to the plan, while import values rose in relation to the targets set.
The province planned to earn revenue from export products of about US$25.70 million last fiscal year but it received only US$22.14 million or 86 percent of plan, according to the provincial Industry and Commerce Department.
Most of the exports were agricultural commodities, mineral products, non-timber forest products and wood products.
Overall export values last fiscal year decreased as the export of wood and non-timber products fell in comparison to the previous year.
Meanwhile import values increased from US$13.50 million to US$14.87 million or 110 percent of plan. Most of the imported products were fuel and construction equipment.
This fiscal year (2014-2015), the province planned to earn revenue from exports of agricultural products, mineral commodities and timber, valued at about US$23.64 million.
Maize is still the top commercial crop for export, and has been for the past few years, according to information collected by the import and export management section.
Last fiscal year, the province exported more than 70,000 tonnes of maize, worth around US$12.6 million.
Maize is also the main crop to help improve the situations of local farming families as well as contribute to the development of the provincial economy. The agriculture sector will cover a larger amount of the development plan due to the province's potential in cropping and meat production, according to provincial Planning and Investment Department.
Huaphan has such potential because the soil is extremely rich and is good for farming, authorities reported.
The department reported that Huaphan expects next fiscal year's socio-economic development to have an average growth rate of at least 12.49 percent.
The province's gross domestic product (GDP) could possibly be worth more than 2 trillion kip, with the income per capita set to be about 6.61 million kip per person per year.
The agricultural sector will cover 52.8 percent of GDP growth, with the service sector covering 25.6 percent and the industrial sector covering 21.6 percent.
The province expects GDP value to be around 1,746 billion kip, with an annual income per capita of about 5.93 million kip in the 2013-14 fiscal year. This will be a growth of 14.4 percent compared to the previous year.
The agricultural sector expects to represent about 54.54 percent of GDP growth and hopes to see a 15.9 percent increase from the 834.5 billion kip last fiscal year. The rest will be covered by the industrial and service sectors.
