Export targets of key forestry and aquatic products lowered
Export targets of some forestry and aquatic products have been lowered due to various difficulties regarding prices and markets.
The Vietnam Cashew Association (Vinacas) has proposed curtailing cashew nut export turnover from US$3.8 billion to US$3.05 billion.
The forestry sector has reduced its export target from US$18 billion to US$14 billion due to a strong slump in prices of wood materials and wooden products.
The Vietnam Association of Seafood Exporters (VASEP) has also revised down export target and put forth two scenarios.
In the best scenario with a recovery of the market and a stable supply of raw materials, aquatic product exports in the remaining five months of 2023 may reach over US$4 billion, bringing the total export value in 2023 to US$9 billion and representing a decline of 15-16% compared to 2022.
In the less optimistic scenario, the sector will only bring home US$8.5-8.7 billion this year.
In the latest report of the Ministry of Agriculture and Rural Development, the total export revenue of agro-forestry-aquatic products was US$29.13 billion in the first seven months of 2023, a drop of 9.1% year on year.
The export earnings of aquatic and forestry products experienced the strongest fall of 25.4%, raking in US$4.95 billion and US$7.79 billion, respectively.