Vietnam enjoys two-fold growth in agricultural trade surplus
The nation’s import-export value of agro-forestry-fishery products hit US$8.3 billion during the past seven months of 2022, marking a year-on-year rise of 7.2%, according to the Ministry of Agriculture and Rural Development.
Revenue of these exports stood at US$32.3 billion, up 12.2% on-year, while imports was estimated at US$26 billion, up 1.6%.
The country has so far recorded roughly US$6.3 billion in trade surplus in agro- forestry- fishery products, nearly doubling that the same period in 2021.
From January-July, shipments of key agricultural products reached US$ 13.3 billion, up 8.4%. Aquatic exports witnessed a sharp rise of 34.2% to close to US$6.7 billion. Forestry exports also soared by 1.3% to US$10.4 billion throughout the seven-month period.
There were four exports whose value reached more than US$2 billion, namely coffee, rice, shrimp, and wood products.
Exports seeing high growth included coffee (46.2%), rubber (7%), rice (9%), pepper (11.7%), tra fish (83.6%), and shrimp (26.2%).
During the reviewed period, the export value of agro- forestry- fishery products to markets in Asia accounted for 42.4% of the market share, followed by the Americas (29.3%), Europe (11.9%), Oceania (1.7%), and Africa (1.6%).
The US remained Vietnam’s biggest buyer, purchasing nearly US$8.7 billion worth of the products, or 26.8% of the total, trailed by China, with import value of US$5.7 billion, accounting for 17.8% of the total.
