Vietnam gains US$6.3 bln in agricultural trade surplus in first seven months

The Office of the Ministry of Agriculture and Rural Development this morning informed the country’s total import-export turnover in agriculture, forestry and fisheries in the first seven months of 2022 was estimated to reach around US$58.3 billion, an increase of 7.2 percent over the same period last year. 
Rice is in group of US$2 billion export turnover
Of which, the export turnover gained around US$32.3 billion, surging 12.2 percent while the import turnover achieved around US$26 billion, increasing 1.6 percent, equaling a trade surplus of nearly US$6.3 billion, surging doubly over the same period last year.

In the first seven months of the year, coffee, rice, shrimp and timber products have had an export value of over US$2 billion.

Several products reached a high value of exporting over the same period last year, including coffee with over US$2.6 billion, increasing 46.2 percent; rubber with more than US$1.6 billion, surging 7 percent; rice with over US$2 billion; increasing 9 percent, pepper with around US$661 million, raising 11.7 percent; cassava and cassava products gaining US$904 million, increasing 32.1 percent; pangasius with around US$1.6 billion, raising 83.6 percent; shrimp with over US$2.7 billion, surging 26.2 percent; timber and timber products with over US$9.7 billion, raising 1.2 percent; rattan, bamboo, sedge, and carpet reaching US$538 million, increasing 3.1 percent; fertilizer of all kinds gaining US$848 million, raising 3.2 times.

On the other hand, some products were on the downtrend, comprising of vegetables with over US$1.9 billion, reducing 16.1 percent; cashew with around US$1.8 billion, decreasing 10.4 percent; livestock products gaining US$225.6 million, decreasing 11.6 percent. Although timber and timber products saw their export value up 1.2 percent, the timber product's export value decreased 6.9 percent with the export value of more than US$6.9 billion.

Regarding export markets, in the first seven months of the year, Asia occupied 42.4 percent of the market share while America, Europe, Oceania and Africa made up 29.3 percent, 11.9 percent, 1.7 percent and 1.6 percent respectively.

The United States of America is the biggest export market of Vietnam with nearly US$8.7 billion, accounting for 26.8 percent of the market share followed by China with over US$5.7 billion, occupying 17.8 percent, Japan with more than US$2.3 billion, making up 7.2 percent and the Republic of Korea with over US$1.5 billion, accounting for 4.7 percent.

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