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Vietnam’s agro-forestry-fishery exports plummet in February

Vietnam’s agro-forestry-fishery exports plummet in February

Wednesday, March 01, 2023, 15:15 GMT+7
Vietnam’s agro-forestry-fishery exports plummet in February
Employees of a local company process tra fish for export in Vietnam. Photo: Chi Quoc / Tuoi Tre

The export revenue of many key agro-forestry-fishery products of Vietnam, such as shrimp, tra fish (pangasius), wood and wooden products, rubber, coffee, and rice, plunged last month, according to the Vietnamese Ministry of Agriculture and Rural Development.

In particular, the country exported US$3.4 billion worth of agricultural products in February, up 5.7 percent year on year and 18.1 percent month on month.

However, the export revenue of coffee, rubber, rice, and cashew nuts fell 14.6, 23.1, 10.8, and 14.3 percent over the same period last year to reach $703 million, $394 million, $417 million, and 327 million, respectively.

Pepper, tra fish, shrimp, as well as wood and wooden products faced the same fate with a fall of 7.4, 64.1, 54.9, and 34.8 percent, respectively.

As a result, last month saw a decline in forestry and fishery product exports, at 10.7 and 13.1 percent.

Meanwhile, key agricultural and livestock products bucked the trend as their total export turnover rose 25.9 and 46.5 percent to $1.79 billion and $29 million.

The Ministry of Agriculture and Rural Development attributed the drop in the export revenue of many agro-forestry-fishery products to global uncertainties, economic competition, geo-politic issues, and military conflicts, leading to a falling demand and prices for agricultural products.

In the first two months of the year, China was the largest importer of Vietnam’s agro-forestry-fishery products with revenue amounting to $1.27 billion. It was followed by the U.S. with $1.19 billion.

As for plans for the coming time, the Ministry of Agriculture and Rural Development said it will enhance the expansion of markets, remove obstacles, facilitate domestic consumption and export, and work with customs agencies in China’s Nanning and Yunnan to promote their trade cooperation.

The ministry will also organize a vegetable and fruit export forum in the framework of the fifth International Exhibition and Conference for Horticultural and Floricultural Production and Processing Technology, which is slated to take place in Ho Chi Minh City early this month.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the seafood sector finds it hard to make breakthroughs in exports in the first months of the year as the global economy is forecast to enter a recession this year.

China’s reopening is expected to recover demand in not only the northern neighbor but also other markets. However, Vietnam’s seafood sector may see obvious recovery results by the second quarter of this year at the latest.

Similarly, the local wood sector may see a 50-percent reduction in sales until the end of this quarter.

Orders are expected to recover next quarter, according to the Vietnam Timber and Forest Product Association.

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Thanh Ha - Le Yen - Chi Tue / Tuoi Tre News


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