Agro-forestry-aquatic exports fetch over US$33 billion in January-October

Agro-forestry-aquatic exports earns $33 billion in ten months

During the reviewed period, export of fruit and vegetables dipped 1.3% to US$2.3 billion due to a reduction in exports to the Chinese market as China has tightened regulations with regard to products with chemical residues and requirements of food safety and packaging. 

Simultaneously, the country spent approximately US$25.9 billion on agro-forestry-fishery imports throughout the period, a fall of 0.5%.

With these figures, the agro-forestry-aquatic sector gained a trade surplus of US$7.3 billion, a US$664 million rise on-year.

In the past ten months, forestry products have maintained strong growth, with revenue up 18.8% year on year to US$9.04 billion, whilst tea exports went up by 14.3% and bamboo and rattan exports expanded by 40.6%. 

In the meantime, the group of key farming produce dropped 7.4% to US$15.25 billion, accounting for 46% of the sector’s total export revenue. Seafood exports also declined by 2.4% to US$7.06 billion.

China remained the largest market for Vietnamese agricultural goods, accounting for 26.8%, followed by the United States at 21.7%, the EU at 11.9% and ASEAN at 10.3%.

The agricultural sector has six products that enjoy an export turnover of more than US$2 billion each.

China is a large market with great potential for Vietnamese shrimps. The Chinese market has paid more attention to food safety and product quality; hence firms should diversify their ways of processing and exporting and promote official sea export to major cities to increase export turnover in Chinese market, said Mr. Truong Dinh Hoe, general secretary of VASEP.

In addition, in a bid to develop export markets, the ministry has asked competent agencies, localities and businesses to pay due attention to improving product quality and satisfying importers’ requirements in origin tracking and geographical indication for agro-forestry and fishery goods.

Furthermore, the ministry will closely coordinate with relevant ministries and branches to accelerate negotiations to seek new markets, stabilise traditional markets and expand potential ones. 

Building trademarks for local farm produce will be made in tandem with enhancing inspection of food safety and hygiene, the ministry said, adding it is necessary to control supply and direct farmers to apply cultivation and production methods in line with importers’ standards.

By Vien Nhu