Vietnam's agro-forestry-fishery exports have kicked off the year on a remarkable note, with January witnessing an outstanding 80% increase in exports compared to the same month last year. According to the Ministry of Agriculture and Rural Development (MARD), the total export value in January reached $5.14 billion, while imports amounted to $3.72 billion, resulting in a trade surplus of over $1.4 billion, marking a year-on-year surge of over 4.6 times.
In January 2024, the export revenue for various sectors showed substantial growth: forestry products reached $1.49 billion, up 73%; seafood amounted to $730 million, up 61%; farm produce reached $2.71 billion, up 94%; production inputs amounted to $177 million, up 50%; and livestock farming reached $36 million, up 3.5%.
The ministry reported that exports of agricultural, forestry, and aquatic products saw growth in various regions. Notably, exports to the American region reached $1.18 billion, up 94%; Africa saw exports worth $104 million, up 185%; Asia recorded $2.52 billion, up 86%; Europe reached $532 million, up 38%; and Oceania witnessed exports of $78 million, up 101%.
China emerged as the largest consumer of Vietnam's agro-forestry-fishery products, accounting for 23% of the total and marking a yearly rise of 106%. The United States followed with 20.8%, representing a 96% increase, while Japan ranked third with 7.4%, up 48%.
The MARD noted that prices for most commodities rose compared to December 2023, driven by heightened demand during the Lunar New Year (Tết). However, prices remained relatively stable with some fluctuations due to shifts in consumer habits.
Despite price fluctuations, the agriculture sector ensured an abundant supply of agricultural products, guaranteeing sufficient provisions for the Tết holiday. Overall, prices did not experience significant fluctuations, and some items even witnessed price decreases.
In 2023, the agriculture sector achieved a new record in agro-forestry-fishery export value, totaling over $53.2 billion, representing a year-on-year increase of 9.3%. The sector also enjoyed a trade surplus of $8.5 billion, 30% higher than that of 2021.
Throughout the year, the ministry focused on removing trade barriers, thus contributing to setting new export records. They closely monitored price fluctuations and supply-demand balances, proposing solutions to promote agricultural product consumption. Additionally, they actively took advantage of free trade agreements (FTAs) and conducted online trade promotion activities to expand exports to significant markets worldwide.
The ministry's efforts, coupled with effective utilization of FTAs and robust coordination, ensured the agriculture sector's resilience in the face of challenges such as the COVID-19 pandemic and the Russia-Ukraine conflict, which disrupted the global supply chain of agricultural products. The sector continues to explore potential markets and opportunities for growth.
This impressive start to 2024 signifies Vietnam's dedication to expanding its presence in the international agro-forestry-fishery market and solidifies its position as a major player in global trade.
