Agro-forestry-fishery exports generate US$22.2b in January-July period

Fresh fruit is on sale at a supermarket in HCMC. The cumulative agro-forestry-fishery export revenue hit US$22.2 billion during the first seven months of this year - PHOTO: TL

The cumulative agro-forestry-fishery export revenue hit US$22.2 billion during the first seven months of this year, up by 7.8% year-on-year, with key exported items including rice, vegetables, woodwork and fishery products, reported the Lao Dong news website.

Given the outstanding figures, Nguyen Xuan Cuong, Minister of Agriculture and Rural Development, expected the earnings from agro-forestry-fishery exports to reach a new record of US$40 billion by the end of 2018.

The seven-month period of exports stood out, with some US$5.02 billion worth of forestry product exports, accounting for 22.6% of the agriculture sector’s total export revenue. The United States, China, Japan and South Korea are Vietnam’s largest wood and woodwork importers, representing 78.5% of the total exported wood and woodwork. This subsector earned a trade surplus of US$3.77 billion.

Meanwhile, the revenue from the export of fishery products generated US$4.63 billion to date, up by 6.3% year-on-year. Exports to the United States, Japan, China and South Korea make up 53.5% of the total fisheries exports. Other potential importers, including the Netherlands, Germany, Britain and Thailand, showed an increase in purchases of fishery products from Vietnam.

The country also enjoyed strong growth in rice exports over the past seven months, with 3.9 million tons, worth US$2 billion, being shipped abroad, soaring by 12.2% in volume and 29.2% in value year-on-year. The revenue from the export of vegetables generated US$2.3 billion over the first seven months, up by 12.6% against the same period last year, despite a slight fall in vegetable exports in early 2018.

Economic experts noted that the U.S.-China trade war will negatively affect Vietnam’s farm produce exports as the United States has imposed high tariffs on Chinese goods, forcing China to seek other markets to export its farm produce. In addition, China will promote domestic consumption of farm produce that has yet to be exported, causing a significant drop in its demand for Vietnamese farm products.

On the other hand, if China imposes an additional 25% tariff on the United States’ imports of fruit and meat products, the United States will eye Vietnam as a replacement for its consumption market.

Besides this, Vietnam’s farm produce exports may be affected by other countries’ technical barriers and protectionism. Minister Cuong stressed that it is necessary to enhance product quality to make agro-forestry-fishery products the backbone of the country’s exports in 2018.