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Vegetables and fruits earned USD 4.91 billion, agricultural trade surplus increased sharply


As of the end of October this year, Vietnam's fruit and vegetable exports earned USD 4.91 billion, setting a historical record. The trade surplus in the agricultural sector also increased sharply compared to the same period last year.

According to information from the Ministry of Agriculture and Rural Development, in October 2023, agricultural, forestry and fishery exports are estimated to reach USD 4.81 billion, an increase of 7.43% compared to the previous month and an increase of 11.9% compared to October 2022.

Of which, the agricultural product group reached USD 2.47 billion, an increase of 31.1% compared to October last year; livestock products  USD 40 million, an increase of 6%; forest products USD 1.28 billion, a slight decrease of 0.2%; seafood USD 850 million, a decrease of 5.9%; group of production inputs of USD 162 million, a decrease of 12.3%.

Accumulated over the first ten months of 2023, exports of the entire agricultural sector reached USD 43.08 billion, a decrease of 4.2% - the gradual decrease is showing that the export market is recovering strongly in the last months of the year.

As of the end of October this year, many agricultural products recorded strong growth. Specifically, the fruit and vegetable group earned USD 4.91 billion, an increase of 78.9% over the same period last year. This is also the highest number in the history of the fruit and vegetable industry.

Currently, fruit and vegetable export turnover ranks third among the key commodity groups of the agricultural industry, only behind exports of seafood and forestry products.

Rice exports also set a historical record when reaching USD 3.97 billion, an increase of 34.9%; cashew nuts reached USD 2.92 billion, an increase of 14.8%; livestock products USD 402 million, an increase of 22%.

However, several export commodity groups still recorded negative growth such as: seafood reached USD 7.45 billion, a decrease of 20.5%; forest products USD 11.65 billion, a decrease of 19.3%; production inputs USD 1.64 billion, a decrease of 20.3%.

In the first 10 months of 2023, the trade surplus of the entire agricultural sector reached USD 9.3 billion, an increase of 26.2% over the same period last year and far exceeding the USD 8.5 billion for the whole year 2022.

According to Deputy Minister of Agriculture and Rural Development Phung Duc Tien, the sharp increase in agricultural surplus plays a very important role for the agricultural sector in particular and the economy in general.

Exports of vegetables, rice, cashew nuts, etc. all with good growth, compensating for declines in other commodity groups. Therefore, Vietnam will complete this year's export target, Deputy Minister Tien affirmed.


Kylie Nguyen

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