China remains largest consumer of Vietnamese farm produce

China remains largest consumer of Vietnamese farm produce

Total four-month import-export turnover of agro-forestry-aquatic products stood at an estimated US$21.1 billion, of which exports suffered a drop of 4.9% to US$11.9 billion whilst imports also declined by 5.2% to US$9.17 billion. The sector recorded a trade surplus of approximately US$2.8 billion, an annual fall of 4.1%.

China retained its position as Vietnam’s largest consumer, importing goods worth roughly US$2.8 billion from its neighbor, a decline of 17.7% on-year. It was followed by the US and EU with export turnover falling by 13.9% and 1.9%, respectively.

Elsewhere, exports to Japan rose by 2.9% to reach nearly US$1.1 billion, making up 9% of the overall market share. Meanwhile, exports to other ASEAN member states enjoyed a surge of 7.1% to nearly US$1.3 billion, accounting for 10.49% of the total.

During the reviewed period, almost all export items experienced a downward trajectory in terms of turnover, with the exception of coffee, cashew nuts, vegetables, timber and wooden products, cinnamon, and rattan.

The MARD had forecasted in early April, China's demand to import agricultural products would increase, especially with regard to food products, therefore creating greater opportunities for the consumption of Vietnamese goods.

According to the ministry, the northern neighbour is a decisive market for Vietnam’s agricultural products over the course of the year, so all resources must be mobilised in order to take full advantage of the market.

It stated that the import of agricultural products to the US and EU markets are likely to return to normal in June and July, whilst normality will return to the Japan and the Republic of Korea markets in June.