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Trade - Service
Jan 31, 2018 / 11:58

Vietnam makes US$3 billion on agricultural and seafood export

Ngoc Thuy

Vietnam’s export of agricultural, forestry and fisheries products reached US$3.09 billion in the first month of 2018, an increase of 25.9% compared to last year, according to the Ministry of Agriculture and Rural Development (MARD).

As such, the export value of main agricultural products is estimated at US$1.68 billion, up 34.1%, while seafood accounted for US$560 million, up 15.6%, and forestry products reached an export value of US$745 million, up 18.5% year-on-year. 
 
Vietnam set export value of agricultural products to reach US$40 billion in 2018.
Vietnam set export value of agricultural products to reach US$40 billion in 2018.
Specifically, the volume of rice exports in January reached 524,000 tons for a return of US$249 million, an increase of 56.5% in terms of quantity and 74.2% in value compared to the same period of last year. The average export price in 2017 was US$451.9 per ton, increasing 0.7% over 2016. 

On the other hand, China continues to be Vietnam’s largest rice import market in 2017 with 39.2% of the total market share.

Coffee exports in January reached 173,000 tons worth US$338 million, up 24% in quantity and 7% in value against January 2017. The average export price in 2017 was US$2,249.8 per ton, an increase of 20.1% over 2016. Germany and the US were Vietnam’s two largest coffee markets in 2017, with market shares of 14.7 and 12.5%, respectively. 

Vietnam’s wood and forestry products export in January reached US$709 million, an increase of 18.5% on-year. The US, China, and Japan were Vietnam’s three largest import markets in 2017 with 42.7, 14, and 13.4%, respectively.

Meanwhile, Vietnam’s seafood export value in the first month of 2018 is estimated at US$560 million, up 15.6% compared to 2017. The US, Japan, China, and Korea were Vietnam’s four largest seafood import markets in 2017, accounting for 55% of the total seafood export value.

Last but not least, the export value of Vietnamese fruits and vegetables in January was recorded at US$321 million, increasing 36.9% over the corresponding period last year. China, Japan, the US, and Korea were Vietnam’s four largest import markets in 2017 with market shares of 75.7, 3.6, 2.9, and 2.4%. 

Previously, the growth rate of the Vietnamese agricultural sector was set at 3%, while the targeted export value of agricultural products was US$40 billion, according to Prime Minister Nguyen Xuan Phuc’s statement at MARD’s January 4 meeting on the performance of the sector in 2017 and its plans for 2018.

In 2017, the agricultural sector has attained 7 significant results, including reaching an all-time record high export value of US$36 billion. In 2018, the sector set the growth target of 2.8-3%, with export value reaching US$3738 billion.

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