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Monday, December 5, 2022

Vietnam registers strong rise in farm trade surplus in Jan-Jul

The Saigon Times

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HCMC – Vietnam’s total import-export turnover of agricultural-forestry-fishery products in the year to July reached an estimated US$58.9 billion, up 7.2% against the same period last year, according to data from the Ministry of Agriculture and Rural Development.

Between January and July, the country exported some US$32.3 billion worth of these products while importing around US$26 billion worth of items, up 12.2% and 1.6% year-on-year.

Therefore, the country has achieved close to US$6.3 billion in trade surplus in agro-forestry-fishery products, nearly doubling the 2021 figure, reported the Vietnam News Agency.

In the seven-month period, the country’s outbound sales of agro products inched up 8.4% year-on-year at US$13.3 billion. Its forestry exports surpassed US$10.4 billion, up 1.3% and fishery shipments totaled nearly US$6.7 billion, improving over 34%.

Four groups of products in the agricultural sector saw their export value exceeding US$2 billion each, namely coffee, rice, shrimp, and wooden items.

Besides, many products whose export value remained higher than the year-ago figures included rubber with over US$1.6 billion, up 7%; pepper with some US$661 million, up nearly 12%; tra fish with about US$1.6 billion, up almost 84%.

However, earnings from the export of some products dwindled, such as vegetables inching down 16%, and cashew nuts shedding over 10%.

The country’s outbound sales of agro-forestry-fishery products to Asian markets accounted for 42.4% of the market share, followed by the Americas at 29.3%, Europe at 11.9%, Oceania at 1.7%, and Africa at 1.6%.

The United States was again the biggest buyer of Vietnamese agro-forestry-fishery items as it imported nearly US$8.7 billion worth of the products. China came second, with import value reaching over US$5.7 billion.

To spur exports of local agro-forestry-fishery products, the Ministry of Agriculture and Rural Development said it will facilitate bilateral, multilateral cooperation activities, open the local agricultural market to many more countries.

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