Agro-forestry-aquatic exports enjoy 50% trade surplus in Q1

The agro-forestry-aquatic sector recorded a trade surplus of nearly US$3 billion in the first quarter of the year, an annual increase of 48.9%, according to figures released by the Ministry of Agriculture and Rural Development (MARD).

During the reviewed period, the MARD state that the import-export turnover of agro-forestry-fisheries products stood at over US$15 billion. Most notably, export earnings were over US$9 billion, equivalent to the same period last year, while imports fell to roughly US$6.2 billion on-year.

This comes after the export share of agro-forestry-fisheries products to major markets has faced significant changes as a result of the impact of the novel coronavirus (COVID-19) pandemic.

The United States held the largest market share with export turnover totaling US$2.1 billion, a rise of 18% and accounting for 23.2% of the country’ overall market share, followed by China, the European Union, Japan, and fellow ASEAN member states.

The MARD pointed out that they will continue to deploy agricultural export plans that will be suitable for meeting the rising demand when China declares itself free from the COVID-19 epidemic.

In addition, the ministry will also increase its focus on meeting the stringent requirements which will be in place when looking to expand into new markets such as the Eurasian Economic Union and Brazil, while also strengthening seafood exports to Saudi Arabia.