August 30, 2010

Vietnam's agriculture sector gets US$3.7 billion in trade surplus

The Ministry of Agriculture and Rural Development has reported that the agriculture industry's trade surplus hit nearly US$3.7 billion in the first eight months of this year.

Exports of agriculture, forestry, and seafood products in August is estimated to reach US$1.75 billion, bringing total export earnings for eight months to US$112.2 billion, an on-year increase of 20.1%. Of the total, agriculture contributed US$6.5 billion, up 16.6%, and seafood US$2.95 billon, up 12.9%.

Meanwhile, imports of agriculture, forestry, seafood, tools, and materials for eight months totalled US$8.5 billion, up 28.9% compared to the same period last year. Major imported products include fertiliser, animal food, and materials to produce animal food.

The EU remains a big consumer of Vietnamese seafood with rapid growth. It has consumed more than 200,000 tonnes of Vietnamese seafood this year, accounting for 28.5% of the total seafood export volume.

Vietnam is expected to earn around US$16 billion in agriculture, forestry and seafood exports this year, around US$700 million more than last year.