The agro-forestry-fisheries sector recorded a trade surplus of approximately US$6.2 billion during the first eight months of the year, representing an annual increase of 4.9%, according to the Ministry of Agriculture and Rural Development (MARD).
The sector’s total import-export turnover stood at an estimated US$46 billion during the reviewed period, with export and import value dropping by 0.9% and 2.5%, respectively.
Notably, the United States has become the largest consumer of Vietnamese farming products with export turnover reaching over US$6.3 billion, marking an annual rise of 14.2% and making up 24.13% of the overall market share.
Elsewhere, China ranked second with estimated export turnover suffering a decline of 10.1% to US$6.28 billion, accounting for 24% of the total market share.
Meanwhile, exports to markets such as the EU, ASEAN, and Japan endured drops of 2.2%, 11.4%, and 1.8% to US$2.5 billion, US$2.24 billion, and US$2.2 billion, respectively.
August alone witnessed the agro-forestry-fisheries sector gross US$3.6 billion from exports, representing an increase of 3.5% from the corresponding period last year, with the total export turnover during reviewed period dropping by 0.9% on-year to US$26.15 billion.
Despite several export items such as rubber, pepper, and tra fish experiencing a downward trajectory, items such as rice, vegetables, cassava, shrimp, timber and wooden products, cinnamon, and bamboo enjoyed robust export growth when compared to last year’s corresponding period.
Despite suffering a decrease in terms of export volume, the value of rice exports soared by 10.4% to US$2.2 billion due to a hike in export prices, reaching US$488 per tonne.
Furthermore, seven agricultural products recorded turnover exceeding US$1 billion each, with wooden products grossing over US$5.4 billion.
The MARD said that it has coordinated with relevant ministries, localities, and businesses to remove export hurdles amid the complicated nature of the COVID-19 pandemic in major markets. It has also kept firms up to date with market changes, especially in China, Vietnam’s key market, to help them make proper adjustments in production strategies.
In addition, relevant agencies have also focused on removing technical barriers, conducting negotiations to expand markets to China, the EU, the Eurasian Economic Union, the US, and Brazil, while also exporting seafood products to the Saudi Arabian market.
VOV
