Trade surplus reaches $7.2 billion

Vietnam’s total import-export turnover for agricultural, forestry and fishery products in January-September was estimated at nearly US$52.8 billion, making for a trade surplus of $7.2 billion,

according to Deputy Minister of Agriculture and Rural Development Phung Duc Tien.

Trade surplus reaches $7.2 billion
A worker of Thong Thuan Company prepares the first batch of frozen shrimp to be exported to the EU after the EVFTA came into effect on August 1. – VNA/ VNS Photo Cong Thu

Speaking at a press conference in Hanoi on Tuesday, Tien said the export value reached $30.05 billion, while imports were worth about $22.8 billion.

The September export value marked the highest in the last nine months since the COVID-19 pandemic hit Vietnam early this year, gaining $3.8 billion, up 3.8 per cent compared to the previous month.

The US was Vietnam’s largest market with an export value of more than $7.5 billion, up 19.3 per cent year-on-year and accounting for nearly 25 per cent of the market share. It was followed by China, ASEAN, the EU and Japan.

“Since the EU-Viet Nam Free Trade Agreement (EVFTA) took effect on August 1, this year, exports of agricultural, forestry and aquatic products to the EU have recorded significant growth,” Tien said.

Total export value from August 1 to now has exceeded $766 million. The export value to the EU in August and September increased by 11.5 per cent and 32.4 per cent, respectively, compared with July.

“We have received quite a lot of orders for exports,” Tien said.

 

“Despite serious impacts from natural disasters and the COVID-19 pandemic, the agriculture, forestry and fishery production still proves to be the pillar of the economy in difficult times and ensures a sufficient supply of food and essential goods for domestic consumption and for export,” he added.

Tien said natural disasters and diseases on livestock and poultry would continue to be unpredictable in the last months of the year. The consumption of agricultural products (especially for export) would be better but face many difficulties as the pandemic had not yet been totally controlled in many countries.

“In the last quarter of 2020, the whole industry strives to earn more than $10 billion in exports, bringing the total export value of this year to more than $40 billion,” Tien said.

He said the ministry would continue to work with localities to grasp the production situation, difficulties and problems in agricultural product consumption, promptly informing and warning about new regulations of export markets, especially the Chinese market.

The ministry would focus on solving technical barriers and negotiating to expand markets with more production areas, types of products and exporting enterprises qualified to export to China, the EU, the Eurasian Economic Union, the US and Brazil, exporting seafood to Saudi Arabia and building mission programmes in China, Brazil, Russia, Japan and Australia after the COVID-19 pandemic ends.  VNS

The secrets of trade surplus records

The secrets of trade surplus records

By now, it can be concluded that albeit unable to reach the set goal, Vietnam’s export this year has yielded encouraging results.

8-month trade surplus at record high, experts warn of risks

8-month trade surplus at record high, experts warn of risks

Vietnam's trade surplus in the first eight months of the year was a record high. However, experts still see risks.

 
 

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