11:04 | 28/12/2015 Industry
(VEN) - The industrial sector achieved a 9.7 percent growth in the first 11 months of this year compared with the same period last year. Industries such as electricity generation, oil and gas, steel, chemicals, textiles and garments, leather and footwear recorded high growth in terms of output and export value.
In the first 11 months of this year, the index of industrial production grew 9.7 percent compared with the same period in 2014 - Photo: Can Dung
According to a Ministry of Industry and Trade (MoIT) report, the commercial electricity output of the whole country reached an estimated 131.1 billion kWh in the first 11 months, a rise of 11.5 percent compared with the same period last year. The crude oil output reached an estimated 17.2 million tonnes, up nine percent; and gas output reached 9.67 billion cu.m, up 4.5 percent. Notably, the output of refined petrol and oil grew 22.7 percent, reaching 6.3 million tonnes.
In the chemical sector, nearly 2.05 million tonnes of urea fertlizer and 2.27 million tonnes of NPK fertilizer were produced in the first 11 months. The demand for fertilizer is predicted to increase in the time to come. However, it is expected that there would be no big changes in domestic prices thanks to abundant supplies.
The leather and footwear sector produced 282.1 million pairs of shoes in the first 11 months, a rise of 18.3 percent compared with the same period last year, with the export value reaching an estimated US$10.75 billion, up 16.3 percent.
Textile and garment businesses produced 292.4 million sq.m of natural fiber fabrics in the first 11 months, up 2.2 percent compared with the same period last year; 616.2 million sq.m of synthetic fabrics, and more than 2.9 billion ordinary clothing sets, up 5.3 percent. The export value reached about US$20.65 billion, 9.1 percent higher compared with the same period last year.
The output of electronic products, computers, and optical products grew 38.7 percent. The sales index of these products increased by 51.6 percent. The output of motorized vehicles rose 28 percent and their sales index was up 26.9 percent.
The highest growth in three years
According to MoIT’s Planning Department Director Nguyen Tien Vy, the index of industrial production (IIP) grew 1.5 percent in November compared with October, and in the first 11 months, the index grew 9.7 percent compared with the same period in 2014 (in 2014 and 2013, the IIP growth was 5.6 percent and 7.5 percent respectively).
The sales index of the processing and manufacturing industries grew 10.4 percent in October 2015 compared with October 2014. In the first 10 months, the index grew 12.8 percent.
Vy added that in early November 2015, the inventory index of the entire industrial sector was 9.7 percent higher compared with the same time in 2014, but some industries saw a decrease in their inventories, for example paper and paper products down 24 percent.
Vy believes good sales results and low inventories in the first 11 months of this year were positive signs that promised further growth of the industrial sector in the time to come.