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Vietnam’s farm exports down in January

  • Feb 16, 2023

Vietnam’s farm, forestry and seafood exports, the most important export items of the country, totaled $3.73 billion in January, a decrease of $1.07 billion from the same period last year, according to the General Department of Customs (GDC).

The agency also reported that Vietnam’s trade surplus reached $647 million in the month.

All key export products of the agriculture sector saw sharp turnover falls of 16.8-48.6 percent year on year.

Timber and wooden products had the highest export turnover – $806 million. However, the figure represented a decrease of 48.6 percent year on year.

Seafood exports brought turnover of $457.2 million, down by 47.3 percent, coffee $310 million (-38.1 percent), veggies $242 million (-16.8 percent), rice $186.6 million (-24.1 percent), and cashew nuts $155.8 million (-33.8 percent)

Meanwhile, tea, cassava and cassava-made products, and pepper saw export turnover down by 22.3 percent, 17.1 percent and 41.4 percent, respectively.

The Ministry of Agriculture and Rural Development (MARD) said the export turnover of key products dropped sharply in January because this was Tet (lunar new year) month. Besides, enterprises did not have many orders because of high inflation in the world. However, Deputy Minister Phung Duc Tien was still optimistic about exports in 2023.

In 2022, Vietnam had seven groups of key export items with export turnover of over $3 billion and in 2023, Vietnam will still be able to boost export of these products.

Timber and woodwork exports in 2022, for example, earned $16 billion. This year, Vietnam may boost export of wood pellets and wood chips, which is expected to bring $3.5 billion.

As for shrimp and catfish, Vietnam will increase export to the US and China.

For veggie export, Vietnam has large output and it signed many protocols with China last year on full-tax export. 

China has reopened its borders after a long period of following ‘zero Covid’ strategy, so Vietnam’s exports to this market will be more convenient.

Tam An

Source: https://vietnamnet.vn/en/vietnam-s-farm-exports-down-in-january-2110403.html