Agricultural sector reports trade surplus for January

The agricultural sector reported a trade surplus in January

The strong export turnover was thanks to the contribution of several product groups, such as forestry products with almost $1.5 billion (an increase of 72.5 per cent); seafood with $730 million (an increase of almost 61 per cent); agricultural products with over $2.7 billion (an increase of around 94 per cent); livestock showing $36 million (up 3.5 per cent); and input materials bringing in $177 million (an increase of just under 43 per cent).

The export value of agro-forestry-fishery products to all markets increased, with exports to the Americas totalling $1.18 billion (up almost 94 per cent); Africa with $104 million (up over 185 per cent); Europe with $532 million (up 38 per cent); and the rest of Asia accounting for $2.52 billion (up 86 per cent). Exports to China accounted for 23 per cent of the total, the US was just under 22 per cent, while Japan took in 7.4 per cent.

The Ministry of Agriculture and Rural Development (MARD) set the target to reach a total export turnover of $54-55 billion in 2024. The GDP growth rate of the entire industry is expected to increase by 3.2–4 per cent, and the stable forest coverage rate is at 42 per cent.

“This year, along with the traditional market, we will focus on exploiting new markets, such as Muslim countries, the Middle East and Africa. In addition, we will take advantage of free trade agreements, especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and EU-Vietnam Free Trade Agreement to promote the export of key agro-forestry-fishery products,” Deputy Minister Phung Duc Tien said at a meeting with press agencies on February 1.

“The MARD will also support businesses in signing new export orders and support both businesses and cooperatives to coordinate support for trademark protection and geographical indication for Vietnam's potential export products abroad.”

Deputy Minister Tien shared that in 2023, although there were still many challenges, the agricultural sector had also achieved positive results. With direction and drastic action from the ministry's leaders to affiliated units, the agricultural sector has asserted its position as a 'pillar' of the economy.

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