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Agricultural trade surplus of USD 4.5 billion in the first half of the year

03/07/2020

In the first half of this year, exports of agricultural, forestry and aquatic products are estimated at USD 18.81 billion, down 3.4% compared to the same period in 2019. Trade surplus of USD 4.5 billion, increased by USD 339 million over the same period in 2019.

According to the General Statistics Office (Ministry of Planning and Investment), in the second quarter, the agricultural sector regained its growth rate, the second quarter production value increased by 2.19%.

The cumulative six-month production value increased by 1.18% over the same period in 2019. It is expected that the GDP growth rate of agriculture, forestry and fisheries in the first six months will reach over 1%.

According to the latest information from the Ministry of Agriculture and Rural Development, from the export perspective, the export turnover of agriculture, forestry and fisheries of six months is estimated at USD 18.81 billion, a decrease of 3.4% over the same period in 2019. Trade surplus of USD 4.5 billion, an increase of USD 339 million over the same period last year.

In the first 6 months, another remarkable point was that there were 9 projects of processing agricultural, forestry and aquatic products with a total investment of over VND 10,000 billion were started, inaugurated and put into operation; nationwide, 58.2% of communes and 127 district-level units met the new rural standard, etc.

In addition to encouraging results, the representative of MARD acknowledged that there were still some limitations in the sector's activities in the past six months. That is, the growth rate of export turnover of agriculture, forestry and fisheries has shown signs of slowing down. The main reason is due to lower export prices of key agricultural products; Export turnover to China market decreased.

The implementation of measures to resolve difficulties and organize trade promotion activities, promoting the consumption of agricultural products in the post-Covid-19 period has been slow due to the countries' blockade and travel restrictions.

In addition, the renovation and development of forms of production have made many progress, but still have not met the requirements. The arrangement and innovation of agricultural and forestry companies are still behind schedule. The rate of implementation and disbursement of the Ministry's investment capital is still slow, especially for projects with capital from Government bonds and ODA projects.

For the whole year, the growth of the entire agricultural sector is expected to reach 2.5 - 3%; The total export value of the whole year of 41 USD billion.

The Ministry of Agriculture and Rural Development has determined that, in order to achieve the set goals, one of the key tasks being promoted by the sector is to develop the market, remove barriers, and facilitate the consumption of agriculture, forestry and fisheries through improving the quality of information gathering, information analysis and market forecast in the context of the impact of the Covid-19 pandemic, especially in key markets, timely alerting and removing barriers and problems arising when exporting agricultural products.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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