Agricultural sector sees trade surplus of more than US$6.3 billion

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The Ministry of Agriculture and Rural Development reported that, in the first eight months of 2022, the total import-export turnover of agricultural, forestry and fishery products is estimated at about US$66.2 billion, up 8.7% year-on-year.

Of which, export turnover rose 13.1% year-on-year to nearly US$36.3 billion.

Specifically, the export of main agricultural products rose 7.4% to nearly US$15 billion, main forest products rose 6.2% to US$11.8 billion; seafood rose 35.3% to over US$7.5 billion; production input soared 48.2% to US$1.7 billion, but animal husbandry fell 12.2% to US$258.6 million.

In the past eight months, the US continued to be the largest export market of Vietnam's agricultural, forestry and fishery products, reaching nearly US$9.6 billion (accounting for 26.4% of the market share); followed by the Chinese market, the Japanese market and the Korean market with about US$6.5 billion (accounting for 17.8% of market share), US$2.7 billion (accounting for 7.4% of market share) and US$1.7 billion (accounting for 4.7%) respectively.

Regarding imports, in the first eight months, the import turnover of agricultural, forestry and fishery products is estimated at over US$ 29.9 billion, up 3.9% over the same period in 2021.

International organizations have lowered their global growth forecasts for 2022 compared to the beginning of the year. The world market continues to have many fluctuations and is influenced by economic and political factors, especially fuel and energy products, which will affect the domestic commodity market, and make shipping costs surge.

Some countries have tightened credit due to inflation; China has strengthened control of goods; allegations of origin fraud, raw material origin are becoming challenges for the export of agricultural products in general, especially for Vietnamese wood and furniture.

In the near future, the Ministry of Agriculture and Rural Development will determine to continue to actively and effectively implement bilateral and multilateral free trade agreements; guide people and enterprises to strictly comply with regulations on labels, traceability, instructions on planting areas, testing, quarantine, packaging specifications, quality and types of agricultural products, registration of packing base code and business code.

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