In the first 8 months of 2019, exports of agricultural and forestry products reached over 26 billion USD

According to the General Statistics Office, the total import and export turnover of goods in 8 months of 2019 was estimated at 47.11 billion USD, of which export turnover reached nearly 26.6 billion USD, up 1.6% over the same period in 2018. Notably, the growth rate of 8-month export turnover of the main forest products continued to increase to 18.6%.

Specifically, regarding Export: Export turnover in August was estimated at 3.64 billion USD, up 5.1% compared to the previous month. Generally for 8 months, the export turnover was estimated at 26.58 billion USD, up 1.6% over the same period in 2018; in which there are 8 product groups with export value of over 1 billion USD. The key agricultural product group is estimated at 12.4 billion USD, equalling 91.7%, accounting for 46.7% of total export turnover (the same period last year was 51.7%); main forest products reached 7.08 billion USD, up 18.6% and accounting for 26.6% of the export proportion (up 3.8 percentage points compared to 8 months of 2018); fishery was estimated at 5.52 billion USD, down 1.2%, accounting for 20.8% (proportion decreased by 0.5 percentage points).

Export value of some main commodities in 8 months of this year increased when comparing to the same period last year: rubber reached 1.32 billion USD, up 7.8%; tea reached 150 million USD, up 22.7%; wood and wooden products reached 6.66 billion USD, up 17.5%; cinnamon gained 107 million USD, up 19.3%; bamboo and rattan, 311 million USD, an increase of 48.1%.

Regarding each market’s situation, the Ministry of Agriculture and Rural Development said that exports to China in seven months reached 4.74 billion USD, down 8.9% compared to the first 7 months of 2018, but exports to the US increased sharply and reached 4.78 billion USD, up 12.6%. Therefore, the United States is currently the largest export market of Vietnam's agricultural products, accounting for 20.8% of total exports (0.1 percentage points higher than China); followed by the EU with 12.0%; ASEAN accounts for 9.5%; Japan accounts for 8.4%.

Regarding imports, the import turnover of agriculture, forestry, fishery and agricultural materials in the month was estimated at 2.4 billion USD, down 9.1% over the previous month. Generally for 8 months, estimated at 20.54 billion USD, down 1.2% over the same period in 2018; in which, import of fertilizer, pesticide and main agricultural products is about 17.2 billion USD, down by 2.0% YoY.

Thus, the trade balance of goods in 7 months of trade surplus was 4.8 billion USD; In August, trade surplus was estimated at 1.2 million USD. In 8 months, trade surplus is estimated at 6.04 billion USD (661.6 million USD higher than the same period last year).

This year, the agricultural sector aims to achieve a total export value of US $ 43 billion. In the current context, this goal will face many challenges according to experts’ view.

In the coming time, in order to solve difficulties for export, MARD will continue to lead and coordinate with relevant ministries and branches to actively negotiate to open more export markets, stabilize traditional markets, seeking and expanding potential markets, minimizing dependence on any certain market; meeting the requirements of the importing countries on traceability and geographical indications for exported agricultural, forestry and aquatic products; promoting product introduction and branding of agricultural products, especially for key agricultural products exporting to the Chinese market.