After eight months, exports of most agricultural product groups increased, resulting in a total export value increase of 18.6%.
A sharp increase
According to aggregated data from the Ministry of Agriculture and Rural Development , in the first eight months of the year, total exports of agricultural, forestry, and aquatic products reached US$40.08 billion, while imports totaled US$28.28 billion. Thus, the agricultural sector recorded a trade surplus of US$11.8 billion, an increase of 68.4%.
Notably, export turnover of key commodities was higher than the same period last year. Some items even achieved growth rates of over 30%. Examples include: coffee at $4.03 billion (up 36.1%), and fruits and vegetables at $4.63 billion (up 30.6%).
Following closely behind were rice at $3.85 billion (up 21.7%), cashew nuts at $2.77 billion (up 21.7%), wood and wood products at $10.24 billion (up 20.6%), shrimp at $2.41 billion (up 9.5%), and pangasius at $1.2 billion (up 8.2%).
The US became the largest export market.
Over the first eight months, export values to all markets increased; specifically, exports to Asia reached US$19 billion (up 15.7%), the Americas US$9.3 billion (up 22.3%), Europe US$4.8 billion (up 30.5%), Africa US$747 million (up 5.5%), and Oceania US$563 million (up 12.8%).
Notably, the US has become the largest export market for Vietnamese agricultural, forestry, and aquatic products, with $8.58 billion, accounting for 21.4% of total exports.
Meanwhile, China is the second largest market, with $8.17 billion, accounting for 20.4%. Following closely behind is Japan, the third largest market, with $2.68 billion in trade, accounting for 6.7%.
In addition to major, key markets such as China, the US, Japan, and the EU, the agricultural sector is also actively collaborating with businesses to open up new, potentially lucrative markets such as Halal Muslim countries, the Middle East, and Africa.
Positive outlook for the end of the year.
In the final months of the year, agricultural products have great opportunities to enter a cycle of accelerated exports, quickly achieving the year's export targets.
Currently, the fisheries sector has accelerated its efforts with trade promotion measures to reach the $10 billion mark this year.
Besides seafood, it is projected that from now until the end of the year, four product groups – rice, cashew nuts, coffee, and fruits and vegetables – will all have ample opportunities to increase exports. The average export price of Vietnamese coffee reached US$3,683 per ton, an impressive increase of 52% compared to the same period last year.
The recent successful signing of the Protocol for fresh coconuts and frozen durians for export to the Chinese market is considered a major boost, helping the fruit and vegetable sector achieve the strongest growth rate.
Source
Comment (0)