September 4, 2019
US pips China as top buyer of Vietnamese agriculture produce
The United States has replaced China as the top buyer of Vietnamese agriculture produce as the latter tightens its agricultural import standards, VnExpress International reported.
Vietnam's January-July agriculture exports to China dropped 8.9% year-on-year to US$4.7 billion, according to latest data from the Ministry of Agriculture and Rural Development. This accounted for 20.7% of Vietnam's total agriculture exports.
Exports to the US in the same period increased 12.6% to US$4.8 billion, representing a 20.8% share.
Experts explained that China, which for years been Vietnam's largest buyer, started tightening its import policy this year, accepting only products that meet higher quality standards.
Another reason for the fall in exports is a weaker yuan to the dollar, with China letting the yuan slide about 4.5% this year in the face of the ongoing trade war.
Shrimp is one of the top five export categories with a value over US$3 billion.