Business

Agriculture exports decline slightly in first 10 months of year

In the first 10 months of 2023, the export value of agriculture, forestry and fishery commodities declined, resulting in a downward trend in the total export value of the sector year on year.
Agriculture exports decline slightly in first 10 months of year ảnh 1Durian enjoys high export value in 2023. (Photo: VietnamPlus)

Hanoi (VNA) – In the first 10 months of 2023, the export value of agriculture, forestry and fishery commodities declined, resulting in a downward trend in the total export value of the sector year on year. 

Vietnam ran a surplus of 9.3 billion USD in agriculture, forestry, and fisheries from January – October, up 26.2% from the same time last year, according to the Ministry of Agriculture and Rural Development (MARD).

But during the period, export of the products totaled 43.08 billion USD, falling 4.2% year-on-year due to a decrease in the export value of key products such as seafood (7.45 billion USD, down 20.5%) and forestry (11.65 billion USD, down 19.3%).

Agricultural exports accounted for nearly half of the total, at 21.94 billion USD, rising 17%. Key earners were fruits and vegetables (4.91 billion USD), rice (3.97 billion USD), and cashew nuts (2.92 billion USD).

Deputy Minister of Agricultural and Rural Development Phung Duc Tien acknowledged that trade surplus value of the country’s agriculture, forestry and fisheries sector plays a crucial role in socioeconomic development. In 2022, the trade surplus reached 8.76 billion USD, accounting for 77.41% of the total trade surplus value of the country’s economy (11.2 billion USD).

Trade surplus value reached in the first 10 months of 2023 helps inject foreign currencies into the economy to import equipment. This machinery is a key task on the path towards industrialisation and modernisation.  

He said that the ministry strives to achieve higher trade surplus values in the last two months of this year, contributing to the economy’s total trade surplus.

However, floods and heavy rains in the central region will directly affect exports and production. The Ministry of Agricultural and Rural Development has directed local townships to respond to impact of floods in the region, the Deputy Minister emphasised.

Assessing the situation, Tien pointed out that exports in October 2023 reached 4.81 billion USD. This is an increase of 7.43% compared to September 2023 and an increase of 11% compared to the same period in 2022. With this rate of increase, the agricultural exports could reach the target of 53.54 billion USD.

According to a representative from the Ministry of Agricultural and Rural Development, average export prices of some key agricultural products dropped, including rubber down 17.3%, cashew nut (5%), pepper (23.4%), cassava and cassava products (3.3%).

Prices of other agricultural products saw a rise such as rice (15.3%), coffee (10.3%; tea (6.3%).

Agriculture exports decline slightly in first 10 months of year ảnh 2Exporting rice to the EU market. (Photo: VietnamPlus)

Over the past 10 months, agro-forestry-fishery exports to Asian and African markets increased 5.7% and 21.6%, while those to American, European and Oceanian ones went down 20.6%, 11.8% and 17.2%, respectively.

China, the US, and Japan remained the top three buyers of the Vietnamese products, with export value to China accounting for 22.8%, the US 20.6% and Japan 7.5%.

The Ministry of Agricultural, Rural Development said it will direct competent authorities to guide localities to adjust their production plans and bolster exports. At the same time they should accelerate negotiations to remove technical barriers to expand markets for agricultural products, especially China, the US, the EU, and the Eurasian Economic Union.

Agriculture exports decline slightly in first 10 months of year ảnh 3Illustrative image (Photo: VietnamPlus)

The Ministry of Agricultural and Rural Development will optimise free trade agreements (FTAs), especially the Comprehensive and Progressive Agreement for Trans- Partnership (CPTPP), the European – Vietnam Free Trade Agreement to boost exports. The moves will help to support brand and geographical indication protection for Vietnamese products in foreign countries./.

VNA
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