Five-month agro-forestry-fishery trade surplus nearly US$3.3bn

The agro-forestry-fishery sector recorded a trade surplus of close to US$3.3 billion in the first five months of 2020, a decline of a mere 2.3% year-on-year.

five-month agro-forestry-fishery trade surplus nearly us$3.3bn hinh 0
Processing shrimp exports at Minh Phu Seafood Corporation in Ca Mau (Photo: VNA)
According to the Ministry of Agriculture and Rural Development (MARD), shipments overseas during the period brought in nearly US$15.5 billion, down 4.1 % year-on-year.

Exports of key farm produce, husbandry products, fisheries, and forestry products earned approximately US$7.4 billion, US$210 million, US$2.6 billion, and US$4.2 billion, respectively. All were down year-on-year, by between 1.5 and 19 %.

Most products saw lower export revenue compared to last year, with earnings for tra fish, rubber, fruit, shrimp, peppercorn, and tea falling sharply. By contrast, shipments of coffee, rice, vegetables, cinnamon, and bamboo and rattan posted higher value.

China remained Vietnam’s largest export market in the January-May period, with US$3.7 billion. Despite showing a decline of 15.5 % year-on-year, the figure accounted for 23.8 % of Vietnam’s total export value.

Following was the US, with around US$3.4 billion, the EU with some US$1.6 billion, ASEAN with nearly US$1.6 billion, and Japan with approximately US$1.4 billion.

MARD forecast that farm produce exports will improve in the time to come but still face a range of difficulties.

It therefore plans to work closely with the Ministry of Industry and Trade to monitor domestic prices, ensure a supply-demand balance and food security, and sustain exports. It will also provide regular updates on markets hit by COVID-19, while focusing on clearing technical barriers and expanding trade with the EU, the Eurasian Economic Union (EAEU), the US, and Brazil, among others. Preparations are in place to welcome EU and US inspectors to check on Vietnam’s fight against illegal, unreported and unregulated (IUU) fishing and Vietnamese tra fish safety, respectively.

Meanwhile, the import value of agro-forestry-fishery products in the first five months stood at US$12.2 billion, a decline of 4.5 % year-on-year. Apart from vegetable oil, wheat, and husbandry products, all imported goods, particularly fertilizer, pesticides, animal feed, and corn, posted lower value in the period.
VNA

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