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Agro-forestry- fishery exports surge 80% in January

VIETNAM, February 5 - HÀ NỘI — The country's agro-forestry-fishery exports in January saw a significant increase of 80 per cent to US$5.14 billion compared to the same month of last year, according to Ministry of Agriculture and Rural Development (MARD).

The import value amounted to $3.72 billion, up 40 per cent year-on-year. That resulted in a trade surplus of over $1.4 billion, a yearly surge of over 4.6 times.

In the first month of this year, the export revenue for forestry products reached $1.49 billion, up 73 per cent; seafood $730 million, up 61 per cent; farm produce $2.71 billion, up 94 per cent; production inputs $177 million, up 50 per cent; and livestock farming $36 million, up 3.5 per cent.

According to the ministry, export values of agricultural, forestry and aquatic products to different regions all witnessed growth. Typically, exports to the American region hit $1.18 billion, up 94 per cent; Africa $104 million, up 185 per cent; Asia $2.52 billion, up 86 per cent; Europe $532 million, up 38 per cent; and Oceania $78 million, up 101 per cent.

It added that China was the largest consumer of Việt Nam's ago-forestry-fishery products, accounting for 23 per cent of the total or marking a yearly rise of 106 per cent. The US came next with 20.8 per cent or an increase of 96 per cent, while Japan ranked third with 7.4 per cent, up 48 per cent.

The MARD noted that in January, prices for most commodities tended to rise compared to December 2023, driven by skyrocketing demand during the Lunar New Year (Tết). However, these prices remained relatively stable with intertwined fluctuations.

Overall, there is an abundant supply of agricultural products, ensuring sufficient provisions for the Tết holiday. Prices have not fluctuated significantly; in fact, some items have witnessed price decreases as a result of shifts in consumer habits, the ministry said.

The agriculture sector in 2023 posted a new record in the agro-forestry-fishery export value, hitting more than $53.2 billion, a year-on-year increase of 9.3 per cent.

The ministry reported on December 27 that the sector enjoyed a trade surplus of $8.5 billion, 30 per cent higher than that of 2021.

Specifically, the export value of main agricultural products reached $22.59 billion, up 4.8 per cent; main forest products topped $16.93 billion, up 6.1 per cent; and aquatic products hit $10.92 billion, up 22.9 per cent.

During the year, the sector focused on removing trade barriers, thus helping set the new export records, the ministry said.

MARD kept a close watch on price fluctuations and the balance of supply and demand in the market, while proposing solutions to promote the consumption of agricultural products.

It also coordinated with embassies, and trade and agriculture counsellors to set up channels for providing information related to export markets.

At the same time, it also strengthened online trade promotion activities to expand exports to big markets such as China, the US, the EU, Russia and Brazil, and effectively exploited potential markets including Japan, South Korea, ASEAN, Australia, New Zealand and the Middle East.

The ministry closely coordinated with the Ministry of Industry and Trade to negotiate on opening export markets for local farm produce and promptly solving problems to promote agricultural, forestry and fishery exports.

It had measures to minimise negative impacts of the COVID-19 pandemic and the Russia-Ukraine conflict which have affected the global supply chain of agricultural products. It actively took advantage of free trade agreements (FTAs) to promote agricultural product exports. — VNS