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Export of agricultural products accelerates, reaching nearly USD 39 billion

02/11/2021

As of the end of October, Vietnam's agricultural, forestry and fishery exports were estimated at nearly USD 38.8 billion (an increase of 13.1% over the same period last year). This is a positive signal in the context that all industries are in decline due to the negative impact of the COVID-19 pandemic.

According to the Ministry of Agriculture and Rural Development (MARD), in October, Vietnam's agricultural, forestry and fishery exports are estimated to reach over USD 3.4 billion (decreased by 15.6% compared to October 2020 but increased by 4.2% compared to September 2021). Accumulated over 10 months, export value of agricultural, forestry and fishery products is estimated at nearly USD 38.8 billion  (increased by 13.1% over the same period last year).

In which, the export of main agricultural products is estimated at nearly  USD 17.4 billion(increased by 12.7%); main forest products reached about USD 12.8 billion (increased by 22.3%); seafood reached nearly  USD 6.9 billion (decreased by 0.8%); livestock production reached about USD 359 million (increased by 6.1%); production input group of about USD 1.4 billion (increased by 22.3%). Many items have high growth in export volume and value such as rubber, cashew nuts, cassava and cassava products, etc.

The largest agricultural product import market of Vietnam is the United States, with a value of over USD 10.8 billion (accounting for 27.9% market share); China ranked second with nearly USD 7.5 billion (accounting for 19.3% of the market share), followed by Japan with a value of over USD 2.6 billion and South Korea with about USD 1.7 billion.

Over the 10 months, Vietnam's imports of agricultural, forestry and fishery products also increased strongly, about USD 35.6 billion (an increase of 39.1% over the same period in 2020). In which, The market from which Vietnam imports the most is the United States with nearly USD 3.3 billion; followed by Cambodia with about USD 3.15 billion. Thus, to date, Vietnam has a trade surplus of nearly USD 3.19 billion, a decrease of 63.2% over the same period last year.

From now until the end of the year, to achieve the export target of USD 44 billion of agricultural products, according to the Ministry of Agriculture and Rural Development, it will continue to promote the opening of agricultural markets to other countries; promptly provide information, market regulations, import and export control between Vietnam and China.

The ministry continues to implement the "Promotion of the brand of Vietnamese agricultural products in the European Union (EU) market in the context that the EVFTA Agreement comes into effect"; organize an online conference on trade in agricultural products between Vietnam and Russia.

 

Kylie Nguyen

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