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Tuesday, June 18, 2024

U.S. becomes largest importer of Vietnam’s agro-forestry-fishery products

The Saigon Times

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HCMC – The United States surpassed China to become the largest buyer of Vietnam’s agro-forestry-fishery products with a total value of US$2.3 billion in the first two months of the year, making up 28.2%, according to the Ministry of Agriculture and Rural Development.

In a report on the import-export of agro-forestry-fishery products in February issued on March 1, Vietnam’s total import-export revenue from agro-forestry-fishery products reached nearly US$14.2 billion in the two months, up 15.8% year-on-year, including US$8 billion from exports and US$6.2 billion from imports.

China was the second-largest importer of Vietnam’s agro-forestry-fishery products with nearly US$1.3 billion, followed by Japan with US$586 million and South Korea with US$376 million.

Over the past many years, China has always been the largest export market of Vietnam.

However, Vietnam has recently been facing multiple difficulties to export agro-forestry-fishery products to China as the northern neighbor has tightened anti-pandemic measures, leading to huge container backlogs at many northern border gates.

In addition, China has tightened control over the quality and origin of Vietnam’s agro-forestry-fishery products.

Of the US$6.2 billion worth of imports, Vietnam spent nearly US$4 billion on agricultural products, US$470.2 million on farming products, US$332.8 million on seafood and US$466.4 million on forestry products in February.

China was the biggest exporter of agro-forestry-fishery products to Vietnam with US$607 million, accounting for 9.7% of Vietnam’s total agro-forestry-fishery imports.

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