Suggestions for you

Over 10 months, the export turnover of agricultural products to the US reached nearly USD 11 billion

03/11/2021

Over the first 10 months of 2021, Vietnam's agricultural, forestry and fishery exports to the US reached USD 10.8 billion, accounting for 27.9% of the export market share.

According to the Ministry of Industry and Trade, in the 10 months of 2021, the US is the largest export market of Vietnam's agricultural, forestry and fishery products. Export of agricultural products to the US has reached over USD 10.8 billion, accounting for 27.9% of the market share, of which the export turnover of timber and wood products accounts for 68.4% of the export turnover of Vietnam's agricultural, forestry and fishery products to this market.

In the opposite direction, the US also became the largest export market of agricultural products to Vietnam, reaching nearly USD 3.3 billion, accounting for 9.2% of the market share, of which cotton products accounted for 36.4% of the value.

The Vietnam Association of Seafood Exporters and Producers (VASEP), also said that seafood exports to the US market are currently growing at 24% compared to 2020, reaching USD 1.45 billion over the 9 months alone. Shrimp, pangasius, and tuna are the three main export product lines, accounting for 53%, 17% and 15.6% of total seafood exports to this market, respectively. It is forecast that this increase will not stop in the last 2 months of 2021 when the US seafood import demand is still high, it is forecast that the US will increase seafood imports by about 6% in 2021 with the volume of about 2.9 million tons, the value increasing by 9% to about USD 23.3 billion - higher than the import level of the years before the COVID-19 pandemic.

In addition, rubber is one of the export commodities with strong growth in the US market in terms of both value and quantity, the average export price has increased by over 27.2% over the same period in 2020.

For wood products, in the first nine months of 2021 alone, exports to the US market have reached USD 6.50 billion, an increase of 40.5% over the same period in 2020. It is forecast that the export value of wooden furniture to the US will continue to increase sharply in the fourth quarter of 2021 as businesses accelerate the fulfillment of signed orders.

It is known that the total export turnover of all Vietnamese goods to the US in 10 months has reached USD 76 billion, an increase of 21.9% over the same period last year.

 

Kylie Nguyen

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