Vietnam earns $11bil from agricultural exports

In the first quarter, agricultural products such as rubber, tea, vegetables, cassava, shrimp and forestry products earned high export value, bringing total export turnover of agricultural products to nearly US$11 billion.

The Ministry of Agriculture and Rural Development’s report shows that the growth rate of added value of the whole agricultural sector during this period increased by 3.16% year on year. Of which, agriculture rose by 3.19%, forestry 3.78% and fishery 2.9%.

The total import-export turnover of agricultural, forestry and aquatic products is estimated at $18.34 billion. Particularly, export revenue reached about $10.61 billion, up 19.7% year on year and import turnover was estimated at $7.74 billion, up 44.7%. The trade surplus was about $2.87 billion, down by 18.2%.

The export prices of some agricultural products continued to increase, especially for items with the prices falling sharply for a long time. Specifically, rubber export value reached about $721 million (up 116%); tea $41 million (up 6.2%); vegetables and fruits $944 million (up 6.1%); cassava $116 million (up 23.3%), shrimp $773 million (up 8.3%), cinnamon $46 million (up 21.1%); wood and wood products $3.7 billion (up 41.5%); and rattan and bamboo products $199 million (up 49.2%).

The export turnover in March of the whole industry was estimated at $4.12 billion, up 20% year on year and 57.4% compared to February 2021.

The export turnover of agricultural, forestry and fishery products in Q1 was estimated at $10.61 billion, up 19.7% over the same period last year.

Regarding the export market of Vietnamese agricultural products, the US continues to surpass China as the largest market. According to the Ministry of Agriculture and Rural Development, the four main export markets of Vietnamese agricultural produces - the US, China, Japan and South Korea - accounted for 29.05% of market share (value increased by 45.8% compared to 2020), 27.87%, (up 39.5%), 7.96% (up 3.4%) and 5.7% (up 9.5%), respectively.

In terms of regions, Asia was still the leading importer of Vietnamese agricultural products in the first quarter with 54.5% of market share, followed by the Americas (32.2%), Europe (11.8%), Oceania (1.8%) and Africa (1.5%).