Agricultural products gain trade surplus of US$2.8 billion in four months

According to the latest information from the Ministry of Agriculture and Rural Development, in the first four months of 2020, total import-export turnover of agricultural, forestry and fishery products was estimated at nearly US$21.1 billion. Of which export turnover was $11.9 billion, down 4.9% over the same period last year; import turnover was $9.17 billion, down 5.2%; trade surplus was nearly $2.8 billion, down 4.1%.

Illustration. Source: Internet

Regarding exports, by the end of April, main agricultural products were estimated at nearly $5.8 billion, down 4.5%; main forest products reached $3.4 billion, up 3.9%; fishery was estimated at $2.2 billion, down 10.0%; and husbandry was estimated at $150 million, down 23.8%.

Most export products decreased, except for coffee, cashews, vegetables, wood and wood products, cinnamon and rattan.

Itemsthat had sharp drops includedrubber at$383 million (down 31.1%); tea $53 million (down 14.1%); pepper $249 million (down 12%); and pangasius$420 million (down 31.9%).

Regarding export markets, in the first four months, China remained the largest market with export turnover of nearly $2.8 billion, down 17.7% compared to the same period last year and accounting for 23.4% of market share; followed by the United States with $2.78 billion, down 13.9% over the same period last year and accounting for 23.33% of market share.

To develop export markets in the near future, the Ministry of Agriculture and Rural Development isdetermined to closely monitor the situation of agricultural product exports through border gates with China and towork with China to identify specific measures to ensure customs clearance, good disease control and promote restructuring of the import-export market in a sustainable manner.

In addition, to develop plans and scenarios for agricultural product exports to meet increasing demand when China defeats the pandemic; to focus on resolving technical barriers, negotiations to expand markets (expand recognition of production areas, types of product ands, exporting businesses) to EU countries, the EU, the US and Brazil and export fisheries to Saudi Arabia.