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Agriculture sector posts trade surplus of 3.3 bln USD in five months

16:09 | 01/06/2019

The Ministry of Agriculture and Rural Development has reported a trade surplus of nearly 3.3 billion USD in the first five months of this year.

agriculture sector posts trade surplus of 33 bln usd in five months

Illustrative image (Photo: VNA)

Specifically, revenue from the export of agro-forestry and aquatic products reached 3.62 billion USD in May, raising the five-month figure to 16.1 billion USD, up 1.2 percent annually.

Meanwhile, the total import value neared 12.8 billion USD in five months, up 2.1 percent year-on-year. Of the figure, nearly 10.8 billion USD was spent on fertilisers, pesticides, and major farm produce, marking a yearly rise of 2.7 percent.

During the period, major farm produce fetched 7.7 billion USD, down 9.5 percent year-on-year. Several commodities earned higher revenues such as tea (up 30 percent), fruits and vegetables 10.3 percent, and rubber 2.4 percent.

Apart from steep declines in prices of pepper and cashew nuts; coffee, rice, cassava, and their products recorded lower export volumes and values, which also stalled the total shipment growth.

Aquatic products brought home 3.15 billion USD, 795 million USD was from tra fish, and 1.1 billion USD from shrimps.

Forestry export maintained stable growth with a total value of around 4.25 billion USD, up 19.6 percent. More than 4 billion USD of which was from wood and wooden furniture, up 18.7 percent.

Fowl and cattle exports rose by 4 percent annually to 255 million USD.

The ministry also attributed slower export growth to China’s policy changes, the impacts of the US-China trade war, and the spread of African swine fever.

In order to achieve the growth of 2.7-2.85 percent in the first half, the sector asked units and localities to enhance the output of fruits, vegetables, and poultry products.

Source: VNA