Farm produce exports on course to meet US$54 billion target for 2024

The January-June period witnessed agricultural products gross US$15.76 billion, up 24.4%; forestry products bring in US$7.95 billion, up 21.2%; seafood at US$4.36 billion, up 4.9%; and livestock products at US$240 million, up 3.8%.

Seven key export items witnessed export turnover of over US$1 billion each, including coffee (US$3.22 billion), rice (US$2.98 billion), and cashew nut (US$1.92 billion), representing increases of 34.6%, 32%, and 17.4%, respectively.

The United States, China, and Japan all continued to make up the three largest import markets with respective growth rates of 20.8%, 9.5%, and 5%.

The import turnover of agro-forestry-fishery products in the first half of the year was estimated to be at around US$20.92 billion.

The five commodities recording the highest trade surpluses consisted of timber and wood products (US$6.16 billion), coffee (US$3.14 billion), fruits and vegetables (US$2.42 billion), rice (US$2.31 billion), and shrimp (US$1.43 billion), showing annual increases of 22.5%, 36.2%, 35.3%, 27%, and 13.3%, respectively.

The other five commodities posting the highest trade deficit were animal feed and raw materials (US$2.13 billion, up 17.5%); cotton (US$1.5 billion, up 9%); crop products (US$1.51 billion, up 7.2%); corn (US$1.17 billion, down 2.2%); and wheat (US$828 million, down 3.6%).

Overall, Vietnam racked up a trade surplus of US$8.28 billion from agro-forestry-fishery exports during the first half of the year, representing an annual rise of 62.4%.

At a press briefing in Hanoi on June 28, the Ministry of Agriculture and Rural Development attributed the upward trajectory in exports to effective implementation of a scheme to boost the export of farm produce to key arkets such as China, the United States, Japan, and the European Union.

Statistics show the US, China and Japan were the largest consumers of Vietnamese agro-forestry and fisheries products in the reviewed period. The US consumed 20.7% of the Vietnamese products, up 20.8%; China 20.2%, up 9.5%; and Japan 6.7%, up 5%

In addition the ministry is also increasing the export of the products to other potential markets in the Middle East and Africa.

The Prime Minister expected that the agricultural sector would bring in US$54 billion from exports this year, and the target would be achievable on the ground of high growth.

It is forecast that from July onwards, the demand for agricultural products will often be higher, so the export target by the end of the year of about US$54 billion can be achieved, said Deputy Minister of Agricultural and Rural Development Phung Duc Tien.

He said his ministry will continue to develop markets and remove obstacles to support the sales of the products by working closely with diplomatic missions of Vietnam overseas, facilitating business connectivity, and making full use of incentives fro free trade agreements especially in potential markets.