Farming enjoys trade surplus

This year, the sector exported US$30 billion worth in commodities, being a slight annual decrease of 0.8%. Its import value, however, was estimated at $23 billion, up 5.5% year on year.

Of note, cashew and peppercorns enjoyed higher selling prices compared to 2014.

Vietnam sold 328,000 tonnes of cashew nuts abroad, bringing in US$2.4 billion. While the quantity grew just 8.3% annually, the value increased by 20%.

Likewise, peppercorn exports fell to approximately 135,000 tonnes, however, they saw a five-per cent revenue gain, with total revenues reaching US$1.7 billion.

However, some major farming produce, such as coffee, rubber and rice, experienced falling prices in foreign markets.

According to Nguyen Nam Hai, General Director of the Vietnam National Coffee Association, coffee suffered from highly volatile prices, which were high at the beginning of the year and have continuously fallen. Vietnam exported 1.28 million tonnes of coffee, earning US$2.5 billion, down 25% in quantity and 28% in value.

Rubber price also followed a downward trend in recent years without a hint of recovery.

Further, rice exports recorded a higher volume, at almost 6.7 million tonnes. However, falling prices caused a 2.9-per cent dent in revenues from last year.

Also, marine products generated US$6.5 billion, down 17% year on year. The fall was due to significant price decreases in major markets, such as the US, Japan and the Republic of Korea.