Tra fish exports fetch 558 million USD in the first four months, a decline of 40% year-on-year. (Photo: VietnamPlus) Hanoi (VNA) – Export enterprises must make reasonable adjustments and diversify their export products based on the specific demands of each market, and seek to take advantage of free trade agreements and explore new markets in order to compensate for drops in farm product exports to existing markets, said Minister of Agriculture and Rural Development Le Minh Hoan.
Although the export of agro-forestry-aquaculture products experienced steady growth in 2022, the overall export picture in the first four months of 2023 has shown contrasting developments.
While the export of aquatic and forestry products has continuously declined, the shipment of rice and fruits has seen robust growth.
Key export sectors see sharp plummet
According to the Global Commodity Markets Outlook 2023 released recently by the World Bank (WB), commodity prices in 2023 are expected to fall by 21% year-on-year, the strongest drop since the COVID-19 pandemic.
The Ministry of Agriculture and Rural Development (MARD) said that in the reviewed period, many key export sectors that used to contribute significantly to the export revenue have been experiencing continuous sharp declines.
The export value of tra fish and shrimp reached 558 million USD and 843 million USD, both down 40% from the same period last year. The figure of wood and wooden products hit 3.9 billion USD, plummeting by over 30% year-on-year.
The agro-forestry-aquaculture export in Jan-April reached an estimated 15.66 billion USD, down 13.3% compared to the same period of 2022.
These figures indicate the challenging situation faced by these industries amidst the global commodity price drop.
Statistics from the Vietnam Association of Seafood Exporters and Producers (VASEP) show that Vietnam’s export of aquatic products in the last four months was valued at over 2.6 billion USD, 31% lower than that of the same period last year.
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VASEP attributed the decline to the rising food prices and decreasing consumer demand in the US - one of the main importers of Vietnamese goods, saying that the country’s aquatic exports to the market experienced a plunge of 51% in April.
Despite showing signals of recovery, Vietnam’s seafood export to China has not yet recorded positive growth compared to the same period in 2022. The main reason is that the export of tra fish to the market has not recovered due to a decline in the average export price, and the market's consumption demand is also recovering at a slower pace than anticipated.
Demand for high-quality rice from Vietnam is thriving in discerning markets such as Europe, the Republic of Korea (RoK), Australia, and some countries in the Middle East (Photo: VietnamPlus) While many key industries are experiencing declines and show no short-term signs of recovery, some agricultural products are witnessing impressive growth, contributing to improving the value of agro-forestry-aquaculture exports.
The highest growth has been recorded in rice exports, increasing by 54.5% year-on-year to hit 1.56 billion USD. The exports of fruit and vegetable, and meat and meat products, reached nearly 1.4 billion USD and 45 million USD, up 19.4% and 63.7%, respectively.
According to the Vietnam Food Association (VFA), the price of Vietnamese rice hit a record high in the past two years in April. Demand for high-quality rice from Vietnam is thriving in discerning markets such as Europe, the RoK, Australia, and some countries in the Middle East.
Despite showing signals of recovery, Vietnam’s seafood exports to China have not yet recorded positive growth compared to the same period in 2022 (Photo: VietnamPlus)
Efforts to seek more markets for agricultural products
Minister Hoan emphasized the need for agencies of the ministry to act quickly and seek to expand more markets for agro-forestry-aquaculture exports, aiming to realise the 54-billion-USD export turnover goal in 2023.
In the coming time, the ministry will continue to make the most of new-generation trade agreements to boost the export of key products to major markets, such as the US, the European Union, Japan, and the RoK, he said.
The agency is preparing for conferences of Vietnamese and Chinese border provinces on trade connection and boosting export of farm produce in the second and third quarters this year, and a series of events in the UK to introduce key agricultural products of Vietnam./.
