Agriculture sector achieves trade surplus of $8b in nine months

Tuesday, Oct 03, 2023 07:37

The agriculture sector saw growth in exports of 26.4 per cent to $369 million for livestock products in the first nine months of this year. — VNA/VNS Photo

Việt Nam's agriculture sector achieved a trade surplus of US$8.04 billion in the first nine months of 2023, an increase of 22.5 per cent over the same period last year, according to the Ministry of Agriculture and Rural Development.

However, the total export and import turnover in the first nine months decreased by 7.5 per cent year-on-year to $68.92 billion.

Deputy Minister of Agriculture and Rural Development Phùng Đức Tiến said that during the nine months, the total export turnover was estimated at $38.48 billion, down 5.1 per cent over the same period last year because the export value of several main export products decreased sharply. Of which, the value dropped by 21.7 per cent to $6.67 billion for seafood exports and 20.6 per cent to $10.44 billion for forest product exports.

The sector saw growth in exports of 16.7 per cent to $19.54 billion for agricultural products and 26.4 per cent to $369 million for livestock products.

The increase in agricultural exports was contributed by a value of $4.2 billion from fruit and vegetable exports, an increase of 71.8 per cent; $3.66 billion from rice, up 40.4 per cent; $2.61 billion from cashew nuts, up 14.3 per cent; and $3.16 billion from coffee, up 1.9 per cent.

The average export price of some main agricultural products also decreased, such as rubber (down 18.7 per cent to $1,335 per tonne); tea (down 2.3 per cent to $1,711); cashew nuts (down 4.5 per cent to $5,722); pepper (down 25.1 per cent to $3,309); and cassava and products made from cassava (down 4.8 per cent to $420).

Meanwhile, the rice export price surged by 14 per cent year-on-year to $553 per tonne, and coffee increased by 9.9 per cent to $2,499.

Regarding the market in the first nine months, the export value of agricultural, forestry, and fishery products rose by 4.9 per cent to $18.71 billion to Asian markets, and by 18.8 per cent to $809 million to Africa.

Other export markets witnessed a significant value reduction: 22.5 per cent to $8.73 billion for the Americas, 11.2 per cent to $4.17 billion for Europe, and 18.6 per cent to $570 million for Oceania.

China, the US, and Japan continued to be the three largest export markets.

Despite many challenges, Deputy Minister Tiến affirmed that in 2023, the agriculture sector aimed for a GDP growth rate of 3-3.5 per cent and a total export turnover of $53-54 billion.

Tiến requested the Department of Crop Production and the Department of Plant Protection to coordinate effectively in controlling product quality and increasing the number of official export products.

At the same time, they needed to provide market forecasts and address challenges to create favourable conditions for the export of agricultural and aquatic products, especially concerning markets in China, the US, the EU, and the Eurasian Economic Union.

The ministry would capitalise on free trade agreements (FTAs), especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Việt Nam Free Trade Agreement (EVFTA), to boost the exports of key forestry and fishery products and support businesses in signing new export contracts.

The ministry also predicted that from now until the end of 2023, Việt Nam's fruit and vegetable exports would continue to grow substantially because major markets such as China, Japan, and the US would import large quantities of vegetables and fruits from Việt Nam for year-end festivities. The fruit and vegetable exports in 2023 could exceed $5 billion. — VNS

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