Export turnover of agricultural, forestry and aquatic products in October 2024 is estimated at 5.91 billion USD. Thus, the total export turnover of agricultural, forestry and aquatic products for the first 10 months reached 51.74 billion USD, an increase of 20.2% compared to the same period in 2023.
According to the Ministry of Agriculture and Rural Development , the export value of agricultural, forestry, and aquatic products in October 2024 is estimated at US$5.91 billion. Thus, the total export value of agricultural, forestry, and aquatic products for the first 10 months reached US$51.74 billion, an increase of 20.2% compared to the same period in 2023. The trade surplus in agricultural, forestry, and aquatic products for the first 10 months reached US$15.21 billion, an increase of 62.2% compared to the same period last year.
Among these, the export value of agricultural products reached US$27.38 billion, an increase of 25.6%; livestock products reached US$423.5 million, an increase of 2.7%; aquatic products reached US$8.33 billion, an increase of 12%; forestry products reached US$14.05 billion, an increase of 19.9%; and salt reached US$4.6 million, a decrease of 0.2%.
Asia is the largest export market for Vietnam's agricultural, forestry, and aquatic products, accounting for 48.2% of the market share. The next two largest markets are the Americas and Europe, with market shares of 23.5% and 11.5% respectively. The market shares of Africa and Oceania are small, accounting for 1.8% and 1.4% respectively.
Compared to the same period last year, the estimated value of Vietnam's agricultural, forestry, and fisheries exports in the first 10 months of 2024 to the following regions increased by 17.2% in Asia; 24.7% in the Americas; 34.1% in Europe; 2% in Africa; and 14.5% in Oceania.
In terms of markets, the United States leads with a 21.6% market share, followed by China at 21.5% and Japan at 6.5%. These are the three largest export markets for Vietnamese agricultural, forestry, and aquatic products. Compared to the same period last year, the estimated value of Vietnamese agricultural, forestry, and aquatic product exports to the US market increased by 25.9%, to China by 11.4%, and to Japan by 5.9%.
According to the Ministry of Agriculture and Rural Development, the total import value of agricultural, forestry, and aquatic products in the first 10 months of 2024 reached US$36.53 billion, an increase of 8.5% compared to the same period in 2023.
Thus, Vietnam's trade balance in agriculture, forestry, and fisheries for the first 10 months is estimated to have a surplus of 15.21 billion USD, an increase of 62.2% compared to the same period last year.
In terms of product groups, forestry products, aquatic products, and agricultural products are the three groups with a trade surplus. Specifically, the forestry products group is estimated to have a surplus of US$11.75 billion, an increase of 18.8% compared to the same period in 2023; the aquatic products group has a surplus of US$6.21 billion, an increase of 17.2%; and the agricultural products group has a surplus of US$4.67 billion, a 4.2-fold increase.
Meanwhile, the trade balance for the remaining three product groups was in deficit: production inputs had a deficit of $4.75 billion, up 7%; livestock products had a deficit of $2.64 billion, up 7.2%; and salt had a deficit of $24.6 million, down 24.1%.
To date, the agricultural sector has six agricultural, forestry, and aquatic products with trade surpluses exceeding US$1 billion: wood and wood products with a surplus of US$10.91 billion, up 19.6% compared to the same period last year; fruits and vegetables with a surplus of US$4.47 billion, up 39.6%; coffee with a surplus of US$4.33 billion, up 38.5%; rice with a surplus of US$3.68 billion, up 13.1%; shrimp with a surplus of US$2.92 billion, up 21.7%; and pangasius with a surplus of US$1.54 billion, up 8.7%.
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