HCMC – Vietnam’s trade surplus in agriculture, forestry, and fisheries shot up by 62.2% year-on-year to US$15.21 billion in the first ten months of 2024, according to the Ministry of Agriculture and Rural Development.
Export growth was bolstered by increased shipments to the U.S., while imports were largely from China, leading to an expanding trade gap with these major partners. Notably, coffee exports stood out, bringing a trade surplus of over US$1 billion during this period.
Total exports of agricultural, forestry, and fishery products amounted to US$51.74 billion, a 20.2% increase over the previous year. Imports in the sector rose by 8.5% to US$36.53 billion.
Breaking down by category, farm produce exports climbed by 25.6% to US$27.38 billion. Livestock exports grew by 2.7% to US$423.5 million, while fisheries exports rose by 12% to US$8.33 billion, and forestry exports increased by 19.9% to US$14.05 billion.
Key contributors to the trade surplus included wood, fruits, coffee, rice, shrimp, and pangasius fish, with each registering a surplus of over US$1 billion.
Asia accounted for 48.2% of the sector’s total exports, followed by the Americas at 23.5% and Europe at 11.5%. Exports to Asia grew by 17.2%, while shipments to the Americas and Europe rose by 24.7% and 34.1%, respectively.
The U.S. was Vietnam’s largest single export market, accounting for 21.6% of total exports, closely followed by China at 21.5%, and Japan at 6.5%.
