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Agricultural, forestry, and aquatic product exports for 2022 are forecast to reach 53 billion USD

Vietnam's agricultural, forestry, and aquatic product exports in the first 11 months of 2022 have reached a record 49 billion USD, surpassing the previous record set in 2021 of 48.6 billion USD. If this trend continues, full-year exports are expected to reach 53 billion USD.

Agricultural, forestry, and aquatic exports have reached 49 billion USD in the first 11 months

The Ministry of Agriculture and Rural Development reported that in November 2022, Vietnam's agricultural, forestry, and aquatic exports were estimated at over 4.27 billion USD, a slight decrease of about 5% compared to the same period the previous year.

Despite this decrease, the total value of agricultural exports for the first 11 months of 2022 has already reached 49 billion USD, setting a new record.

The Ministry attributes this impressive figure to the strong performance of the aquatic sector, which saw its exports reach 10.14 billion USD for the first time, an increase of 27%.

In the past 11 months, eight categories or groups of products have had export values of over 2 billion USD, with higher values compared to the same period the previous year. These include coffee at 3.5 billion USD (an increase of 31.5%), rubber at 2.9 billion USD (an increase of 3.2%), rice at 3.2 billion USD (an increase of 6.9%), catfish at 2.2 billion USD (an increase of 61%), shrimp at 4.1 billion USD (an increase of 14.6%), and wood and wood products at 14.6 billion USD (an increase of 9%).

Agriculture, forestry, and aquatic product exports for 2022 have exceeded 49 billion USD, breaking the record set in 2021 at 48.6 billion USD

In terms of Vietnam's agricultural export markets, Asia is still the largest, accounting for 44.7% of the market share. The Americas come in second with a 27.4% market share, followed by Europe with 11.3%, the Pacific with 1.7%, and Africa with 1.7%.

The United States remains Vietnam's largest agricultural export market, with exports valued at 12.3 billion USD and a market share of 25%. China is in second place with exports worth approximately 9.3 billion USD, or 18.9% market share. Japan is in third place with exports worth 3.9 billion USD, or 7.9% market share.

This success can be attributed to Vietnam's efforts to diversify its markets and products by accessing difficult markets for agriculture. Businesses are also targeting higher-end markets in order to increase profits, and there has been a shift towards producing and selling products that meet market demand.

However, the Ministry of Agriculture and Rural Development has noted that Vietnam's agricultural exports may face challenges in the future due to China's continued "Zero Covid" policy and the depreciation of the Chinese yuan and Thai baht, making exports from these countries more competitive.

The countries of the European Union (EU) have very strict regulations on the origin of wood materials, making the export of wood pellets from Vietnam to the EU uncertain. The EU has higher standards for wood pellets than those required for exports to Japan and Korea, and meeting these standards will require a significant investment in equipment and technology.

Expanding exports to major and potential markets

The Ministry of Agriculture and Rural Development announced that it will continue to direct the implementation of regulations for durian exports and temporary requirements for lychee exports to China, as well as import requirements for pomelo exports to the United States for relevant organizations and individuals.

The Ministry will also negotiate technical details for a memorandum of understanding on plant quarantine requirements for dragon fruit, mango, silk, longan, and mango exports to China. It will also coordinate online inspections on a weekly basis with the General Administration of Customs of China for banana and durian products.

At the same time, negotiations will take place to remove technical and trade barriers and open export markets in major and potential markets such as Japan, South Korea, Myanmar, Australia, New Zealand, and others.

Professional units will work with Japanese plant quarantine officials to inspect Vietnamese processing facilities for dragon fruit, mango, and longan to increase exports of these products.

(The Economic and Forecast Magazine)

Seafood industry report


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