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Sunday, November 27, 2022

Jan-Sept farm trade surplus hits US$6.9 billion

The Saigon Times

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HCMC – Vietnam’s agro-forestry-fishery trade surplus in January-September doubled year-on-year to US$6.9 billion, according to the Ministry of Agriculture and Rural Development.

In the first nine months, the total import-export value of agricultural, forestry and fishery products was about US$74.7 billion. Exports rose 15.2% to US$40.8 billion, while imports grew 5.7% to US$33.9 billion, resulting in a US$6.9 billion trade surplus.

In September alone, the sector’s total export value hit US$4.2 billion, a year-on-year increase of 28.7%.

In the period, farm exports brought in US$16.8 billion, forestry exports US$13.3 billion and fishery exports over US$8.5 billion.

The U.S. was the largest buyer of Vietnam’s agro-forestry and fishery products with US$10.5 billion, or 25.8% of the total, followed by China with a share of 18.2%, and Japan and South Korea with 7.6% and 4.7%, respectively.

To spur trade, the ministry has joined hands with Vietnamese embassies and trade offices abroad to step up online promotion to boost exports to such markets as China, the U.S., the EU, Russia and Brazil.

To effectively tap bilateral and multilateral free trade agreements, the ministry has urged farmers and businesses to strictly comply with regulations on labeling, traceability, geographical indications, packing specifications and business codes.

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