China remains largest importer of Vietnamese farm products

The latest report released by the Ministry of Agriculture and Rural Development shows that Vietnam’s export turnover of agricultural, forestry and fishery products in February hit over US$3.4 billion, marking an increase of 5.7% year on year.

The overall import and export turnover of the products during the first two months of the year was estimated at nearly US$12 billion, a decline of 16.8% compared to the same period from last year.

Of this exports reached US$6.28 billion, an annual drop of 22.5%, while imports hit US$5.72 billion, down 9.5%.

Most notably, China spent US$1.27 billion on importing the Vietnamese products, retaining its leading position as the largest consumer of the products.

This was followed by the US with export revenue of US$1.19 billion, Japan with US$563 million, and the Republic of Korea with US$302 million.

February witnessed the export value of main agricultural products stand at an estimated US$1.79 billion, up 25.9%, while the export value of main forest products hit nearly US$872.1 million, down 10.7%. Elsewhere seafood export value was at an estimated US$550 million, down 13.1%.

Several products enjoyed sharp increases in export turnover, including tea at US$25 million, up 5.1%, vegetables at US$592 million, up 17.8%, cassava and cassava products at US$283 million, up 32.7%, milk and milk products at US$16.2 million, up 10.2%, and meat and meat products at US$16.9 million, up 14.2%.

Meanwhile, products that suffered sharp declines in export value were coffee at US$703 million, down 14.6%, rubber at US$394 million, down 23.1%, rice at US$417 million, down 10.8%, cashew nuts at US$327 million, down 14.35%, wood and wooden products at US$1.61 billion, down 34.8%, and rattan and bamboo products at US$106 million, down 39.9%.

To promote the export of farm products, the Ministry of Agriculture and Rural Development will focus on promoting market development, removing trade barriers, and creating favourable conditions to boost domestic consumption and exports.

The ministry will therefore seek to take advantage of free trade agreements, especially the CPTPP and EVFTA in order to promote the export of key farm products.

A Vietnamese delegation will pay a working visit to China in order to work with Nanning and Yunnan Customs on boosting trade promotion, as well as updating and removing obstacles faced in the export of farm products. The two sides will also discuss preparations in organising the vegetables export forum within the framework of the 5th Hortex Vietnam 2023, which is scheduled to take place in early March.