Intellasia East Asia News – Agro-forestry-fishery sector earns smaller trade surplus in Jan-Aug

Vietnam’s agro-forestry-fishery export revenue between January and August reached $32.1 billion, up 21.6 percent year-on-year, while the import value of these products amounted to $28.8 billion, resulting in a trade surplus of $3.3 billion, down 48.2 percent year-on-year, according to the Ministry of Agriculture and Rural Development.

In August, the country exported $3.4 billion worth of agro-forestry-fishery products, down 21.6 percent year-on-year and down 22 percent month-on-month. Only three groups of products, including cassava, milk and dairy products and cereals saw the export value increase over the July figures.

Woodwork, tra fish and shrimp and vegetables reported the strongest drop in exports, falling by over 50%, 30 percent and 26%, respectively, the local media reported.

The sharp fall in agro-forestry-fishery exports was attributed to the impact of the ongoing fourth wave of the Covid-19 pandemic. Several processing and export firms have operated at 30%-40 percent of capacity, while many others had to suspend their operations to prevent the spread of the disease.

Despite the gloomy export picture in August, the good performance of agro-forestry-fishery exports in previous months kept up the total export value during the eight-month period.

The export value of the main agricultural products amounted to over $13.9 billion, up 13.6 percent year-on-year, while forestry and seafood exports earned some $11.2 billion and over $5.6 billion, up 42.7 percent and 7.1%, respectively.

Numerous products such as coffee, rubber, cassava, cashew nuts, pepper, vegetables, fruits, shrimp, tra fish and woodwork enjoyed high export values, with rubber exports rising by 23.3 percent in volume and 61.4 percent in value year-on-year.

The United States was Vietnam’s largest buyer of agro-forestry-fishery products during the eight-month period, with a value of over $9.3 billion, followed by China with some $6.1 billion.

The ministry will continue to boost agro-forestry-fishery exports to other markets, including Peru, Australia, Brazil, Asean and Russia, and create favourable conditions for local exporters to ship farm produce to the European Union, Britain and China.

The data from the ministry also indicated that Vietnam’s import bill regarding these products over the past eight months soared by 44.1 percent year-on-year to $28.8 billion. The main agricultural products reported a surge of 57.7 percent in import turnover at $17.8 billion, while the country spent $2.5 billion, $1.4 billion and $2.2 billion buying meat, fishery and forestry products, respectively.

Cambodia was the country’s biggest farm produce supplier between January and August, with a value of $2.9 billion.


Category: Economy, Vietnam

Print This Post

Source link


‘Was that a mini-quake?’ – Alleged tremor ROCKS Johannesburg

Did the earth move for you lot in Johannesburg?...

Defence Diary: Induct Women Cadets into NDA’s Culture First, Then Debate Their Combat Role

A week before Prime Minister Narendra Modi highlighted the...

Cloudburst causes flash flood in Neelum Valley

 Hundreds of tourists were trapped, and many houses and...

UK inflation surprises with rise to 10.1%, a new 40-year high – business live

Key eventsFilters BETAKey events (3)UK (6)Office for National Statistics...

Intellasia East Asia News – Philippine teen Kian Delos Santos’ body exhumed in fresh push for drug war justice

<!-- --> The body of a teenager killed in a high-profile shooting during the Philippines’ war on drugs five years ago was exhumed...

Intellasia East Asia News – Return of cash flow lifts investor sentiment

<!-- --> The market ended mixed on Monday, with benchmark indices gaining points on the return of cash flow improving general sentiment. ...

Intellasia East Asia News – MOFA condemns Chinese sanctions on Taiwan’s US envoy, others

<!-- --> Taiwan’s Ministry of Foreign Affairs (MOFA) has slammed China for blacklisting Taiwan’s representative to the United States Hsiao Bi-khim and six...