10M agri-exports reach $29.76bn

Photo: Internet Archive

Figure up 12.7% y-o-y, MARD report reveals.

Agri-product export turnover in the first ten months of this year reached $29.76 billion, an increase of 12.7 per cent year-on-year, according to the latest report from the Ministry of Agriculture and Rural Development. 

Vietnam also spent $22.9 billion importing agri-products during the period. It therefore recorded a surplus of $6.86 billion in the agriculture sector, contributing to a total trade surplus of $1.23 billion.

Seafood still leads the way, with $6.73 billion in export value, followed by wood and wooden products with $6.15 billion.

Cashew nuts followed, with $2.87 billion. Vegetables totaled $2.48 billion, coffee $2.69 billion, rice $2.25 billion, rubber $1.07 billion, and pepper $1.02 billion.

China remains the largest market of Vietnam’s agri-product exports, for example accounting for 39.3 per cent of its rice exports. Of total rubber export of $1.07 billion, over $1 billion went to China.    

China also accounts for 76 per cent of Vietnam’s fruit and vegetable exports, with growth of 53 per cent. In products such as cashew nuts, seafood, and wood and wooden products, China receives between 9 and 14 per cent.

Input materials also depend on China. Vietnam imported $1.02 billion worth of fertilizer in the first ten months, nearly 40 per cent of which came from China, while it accounted for 54 per cent of pesticide imports worth $805 million.

Fruit and vegetables remain among the fastest-growing exports, with most others (excluding rubber) seeing growth of less than 20 per cent. Fruit and vegetable exports for the year as a whole are forecast to exceed the $3-billion mark for the first time. 

Exports of fruit and vegetables in the first half reached $1.67 billion, an increase of 44.4 per cent year-on-year, according to the General Department of Vietnam Customs.