Agricultural sector gains trade surplus of USD 8.8 billion in 11 months


The agriculture sector enjoyed a trade surplus of USD 8.8 billion in the first 11 months of this year, USD 1.5 billion higher than the same period last year, according to the Ministry of Agriculture and Rural Development.

Illustrative image. (Source: VNA)

The sector earned USD 37.3 billion from the export of farm produce and forestry and aquatic products in the reviewed period, a year-on-year increase of 3.6%. Meanwhile, USD 28.5 billion was spent on agro-forestry-fishery imports, down 0.7%.

Seven items with export value exceeding USD 2 billion included coffee, rubber, rice, cashew nut, fruit, shrimp, wood and timber products.

China remained the largest buyer of Vietnamese agricultural products, accounting for 26.9% of the total exports. It was followed by the US (21.9%), the EU (11.7%), ASEAN (10%) and Japan (8.8%).

Strong growth was seen in shipments of rubber which totalled USD 2 billion, up 9.3% year on year; tea, USD 216 million, 16%; wood and wood products, USD 9.6 billion, 19.5%; and cinnamon, USD 163 million, 31%.

Some key commodities, however, suffered a drop in export value such as cashew nut (USD down 1.8% to USD 3 billion), fruits (down 5.5% to USD 2.6 billion), rice (9.4% to USD 2.6 billion), coffee (23% to USD 2.5 billion) and pepper (5.8%).

The Ministry of Agriculture and Rural Development forecast that total agricultural export revenue for the entire year will be likely to hit USD 41.3 billion with a trade surplus of about USD 9.5 – 10 billion.

Last year, Vietnam’s export of agricultural products hit a record high of USD 40.2 billion, making it the second largest agricultural exporter in Southeast Asia.