Key Vietnamese agro-forestry-aquatic exports plummet
VOV.VN - Vietnam’s export of several key agro-forestry-aquatic products endured a sharp drop on the impact of rising inflation globally, causing its first-quarter export turnover to decline by 14.4% year on year to US$11.2 billion, according to the Ministry of Agriculture and Rural Development (MARD).
March alone witnessed the country’s agro-forestry-aquatic exports bring in more than US$4.6 billion, representing a fall of 6.5% compared to the same period from last year.
Major items which contributed to pulling back the industry’s growth, were coffee, rubber, tea, pepper, pangasius, shrimp, timber and wood products, rattan, bamboo, and sedge mats.
In contrast, some items which recorded higher export value included rice (US$952 million, up 30.2%), fruit and vegetables (US$935 million, up 10.6%), cashew nuts (US$708 million, up 14.2%), milk and dairy products (US$33.3 million, up 22.2%), and meat products (US$37 billion, up 80.1%).
China remained the largest importer of Vietnamese agro-forestry-aquatic products, with turnover reaching US$2.4 billion and accounting for 21.5% of the overall market share.
The United States ranked second with US$2.04 billion, followed by Japan with US$936 million, and the Republic of Korea with US$528 million
The MARD pointed out that the sharp decline can be attributed to the global economic slowdown, the Russia-Ukraine conflict, and high inflation hitting some major economies around the world.
Experts have advised local businesses to take the full advantage of new-generation free trade agreements (FTAs), especially the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and the EU - Vietnam Free Trade Agreement (EVFTA) in an effort to accelerate the export of key products moving forward.
The MARD revealed that it plans to organise a conference on enhancing trade connectivity among border provinces between Vietnam and China to support enterprises in signing new export orders in the near future.
