EVFTA Agreement creates driving force for exports to the German market
In recent years, Germany has always been one of Vietnam's important trade partners. According to data from the General Department of Customs, in the first 11 months of 2021, Germany is the largest export market of Vietnamese agricultural products in the EU with a turnover of USD 641.15 million, a sharp increase of 24.4% over the same period in 2020.
In which, the leading agricultural product exported to the German market is coffee with 209.08 thousand tons, worth USD 377.15 million, increased by 1.9% in volume and 18.2% in value compared to 11 months of 2020. Followed by cashew nuts with 19.4 thousand tons, worth USD 122.64 million, increased by 9.5% in volume and 6.2% in value. Other commodities also recorded high growth in turnover such as: Rubber increased by 115.3%, pepper increased by 73.4%, rice increased by 118.3%, vegetables and fruits increased by 7.6%. Particularly for tea, decreased by 7%.
The positive growth rate of Vietnam's agricultural exports to this most difficult market in the EU is showing that the quality of Vietnam's agricultural products has been improved and meets the strict requirements of the import partner. By making good use of the opportunities brought by the EVFTA Agreement, Vietnam's agricultural exports to the German market are forecast to achieve even higher growth in the coming years.
Vietnam leads the Asian region in exporting agricultural products to the German market. According to data from the European Statistics Agency (Eurostat), Germany spent USD 24.43 billion importing agricultural products in the first nine months of 2021, increased 1.2% over the same period in 2020. In which, Germany mostly imports agricultural products from EU countries such as Spain, the Netherlands, Italy, etc. At the same time, it also imports a large amount of agricultural products from Brazil and the United States. Notably, Vietnam ranked 11th in the group of leading agricultural supply markets of Germany, reaching USD 528 million, accounting for 2.1% of the total import turnover of German agricultural products. With this position, Vietnam is currently the largest source of German agricultural products in Asia, the export turnover of Vietnam's agricultural products to Germany far exceeds other supplying markets such as China and India.
There is still a lot of potential for exporting agricultural products to Germany. The EVFTA Agreement will remove 99.2% of tariff lines for Vietnamese goods exported to Germany after 7 years, and also remove 98.3% of tariff lines for German products imported into the Vietnam market after 10 years from the date of entry into force of the Agreement. In addition, the Agreement also includes many other commitments on customs, sanitary and phytosanitary measures, technical barriers, trade remedies, e-commerce, intellectual property, public procurement, etc. which help establish standards and principles for trade facilitation, creating conditions for Vietnamese and German goods to access each other's markets.
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- Trade surplus of agricultural, forestry and fishery products increased by 3.2 times in the first four months of the year
- Exports from Vietnam to Australia increased sharply
- Export turnover recorded a high growth rate
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- Commodity exports increased in many product groups and markets
- Vietnam is expected to be in the top 20 largest partners of the 6th largest economy in the world
- In the first half of March, the country had a trade surplus of nearly USD 100 million
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