Exceeding China, US becomes Vietnams biggest importers on agricultural products

The latest report of the Ministry of Agriculture and Rural Development shows that the total import and export turnover of agricultural, forestry, and fishery products in the first two months of this year is estimated at nearly 11 billion USD, of which exports are estimated at 6.17 billion USD, an increase of 16.6%; import is estimated at 4.8 billion USD, 13.6% higher; and trade surplus is about the US $ 1.37 billion, 28.4% higher compared to the same period in 2020.

The US has become the largest customer of Vietnam's agricultural exports. (Photo: Brands Vietnam)

Notably, many key export products of the agricultural sector have grown strongly. To be specific, rubber export value reached about 516 million USD (9.9% increase); tea reached 29 million USD (11.1% increase); cashew nuts reached 442 million USD (21.5% increase), vegetables reached about 610 million USD (14.6% increase); wood and wood products reached about 2.44 billion USD (51.0% increase); rattan, bamboo, carpet hit 128 million USD (43.0% increase).

Moreover, in the first two months of this year, the export market of Vietnamese agricultural products also changed. Accordingly, with an export turnover of about US $ 2.04 billion, an increase of 57.3% over the same period, and accounting for more than 33% of the market share, the US has become the largest customer of Vietnam's agricultural exports.

Chinese market ranked second. In the past 2 months, Vietnamese agricultural products exported to this market were estimated at US $ 1.88 billion, up 57.9% over the same period and accounting for 30.53% of the market share.

Exports to ASEAN countries reached 606 million USD, 25.2% higher than that of the same period last year, accounting for 9.82%. ASEAN region is the third-largest customer of Vietnamese agricultural products.

The report of the Ministry of Agriculture and Rural Development also indicated that in the coming time, trade promotion, export markets promotion activities will focus on issues related to market regulations and technical barriers in FTAs consistent with the complicated Covid-19 pandemic; implementing activities to increase the export of dragon fruit and passion fruit from Vietnam to international markets.

At the same time, Vietnam will continue to synthesize notices and warnings from trading partners and WTO members, and coordinate with relevant agencies in the network to respond to comments on the draft new SPS measure. Vietnam has notified the WTO. Develop a project to improve the effectiveness of the implementation of commitments on SPS in the WTO SPS Agreement and Free Trade Agreements.

In the domestic market, continue to monitor, capture and synthesize information and data on prices, production, and supply of agricultural products in localities in the country, especially in pandemic-hit provinces, organize the implementation of the action plan of the Ministry to implement the campaign to give priority to using Vietnamese goods for the period 2021-2025.