Agro-forestry-fishery sector posts US$7.9 bln trade surplus
The agro-forestry-fishery sector posted a trade surplus of over US$7.9 billion in the first ten months of this year, up 10.7% year-on-year, the Ministry of Agriculture and Rural Development (MARD) has reported.
Exports were estimated at US$33.6 billion, up 1.1% year-on-year, while imports reached nearly US$25.6 billion, down 1.5%.
In October alone, total export turnover rose 4.2% against September, to around US$3.8 billion.
Despite COVID-19, several farm produce items earned higher export revenue year-on-year, including rice, vegetables, cassava, shrimp, wood, and wooden and bamboo products.
Coffee, rice, cashew nuts, fruit and vegetables, shrimp, and wooden furniture joined the US$2 billion export club, while eight other categories of goods each earned more than US$1 billion.
Sectors posting a decline in export value include pepper, down 15%, fruit 18.5%, and tra fish over 21%.
The US remained Vietnam’s largest export market, with about US$8.6 billion, up 20% annually and accounting for around 25.6% of the market share. It was followed by China, with US$8.2 billion, down 7.8% and making up 24.3% of the market share, ASEAN, with US$3.2 billion, and the EU with around US$3.1 billion.
Between now and the end of the year, MARD will partner with other ministries, agencies, localities, and businesses to tackle trade difficulties, in particular promoting market regulations to boost farm produce trade amid new developments of the pandemic, focusing on major markets such as China, the EU, the US, Japan, and the Republic of Korea.