Agricultural trade surplus climbs above US$5 billion mark

Vietnam's agro-forestry-fishery exports reached US$3.4 billion in July, up 4.6% from the previous month while the sector recorded a trade surplus of approximately US$5.2 billion, an increase of 3.8% on-year, according to the Ministry of Agriculture and Rural Development (MARD).

Agricultural trade surplus surpasses US$5 billion markThe figures released by the MARD indicate that the forestry and fishery sector continued to show signs of recovery while regaining export growth momentum.

Moreover, the export value of key forestry products stood at US$1.1 billion, up 9.8%, while aquatic products reached US$780 million, a rise of 8.4%.

Meanwhile, exports of key farm products were estimated at US$1.4 billion, down 1.0%, with husbandry at US$33 million, a drop of 2.7%.

The total export-import turnover of agro-forestry-fishery was an estimated US$39.5 billion during the first seven months of the year.

This comes despite the fishery sector witnessing an increase in export value during the opening seven months of the year with shrimp exports climbing to US$2 billion, an increase 21.1%. Elsewhere, tra fish suffered a drop in export value of US$828 million, a steep decline of 26.9%.

Strong growth can be seen in shipments of rice, which totaled US$1.9 billion, a rise of 10.9%, vegetables at US$414 million, up 9.6%, cassava at US$107 million, an increase of 101.8%, and cinnamon at US$110 million, up 15.4%.

A number of key commodities witnessed a sharp decrease in terms of export value, such as rubber, tea, pepper, and fruits.

Overall, China holds the largest market share with export turnover totaling US$5.4 billion, a decline of 11.1%, whilst accounting for 24.1% of the country’s overall market share, followed by the United States, the EU, and ASEAN.