Trade surplus of agricultural sector reaches nearly 18 billion USD in 2024

Trade surplus of agricultural sector reaches nearly 18 billion USD in 2024

The export of agro-forestry-aquatic products has created a breakthrough this year, generating 62.5 billion USD, up 18.7% year on year, with a record trade surplus of 17.9 billion USD, marking a remarkable 46.8% growth rate compared to the previous year, according to the Ministry of Agriculture and Rural Development (MARD).

Workers process mango for export at a factory of the An Giang Fruit & Vegetable Joint Stock Company in Lam Dong province (Photo: VNA)

Key agricultural products raked in 32.8 billion USD (up 22.4%), while livestock products earned 533.6 million (up 6.5%); forestry products, 17.28 billion USD (up 19.4%) and aquatic products 10.07 billion USD (up 12.2%).

Seven product groups recorded export turnover exceeding 3 billion USD, including timber and wooden products (16.2 billion USD), fruits and vegetables (7.12 billion USD), rice (5.75 billion USD), and coffee (5.48 billion USD).

Deputy Minister of Agriculture and Rural Development Phung Duc Tien attributed these achievements to strategic adjustments in the sector's economic structure, aligning production with market demands, and increasing the focus on sub-sectors and products with high competitiveness and values.

Since 2023, MARD has implemented projects to boost exports to major markets such as the US, China, Japan, and the EU. Simultaneously, the ministry has explored new potential markets and negotiated contracts for 2024, yielding significant results.

The ministry has emphasised trade promotion mechanisms, market access negotiations, and market development to drive exports. Efforts have also included addressing food safety concerns, responding to warnings on shipments in importing countries, and collaborating with embassies and trade counselors.

Additionally, the ministry has enhanced the role of Viet Nam's agricultural counsellors abroad to strengthen communication channels and promote market information exchanges.

Alongside traditional markets like China, the US, the EU, and Japan, the ministry has actively targeted emerging markets, including Halal food markets, the Middle East, and Africa, since the start of the year.

MARD has prioritised IT applications to gather market data, forecast the agricultural market's situation, and guide production strategies. Relevant units have ramped up research and forecasting efforts to ensure timely direction for production and consumption.

Furthermore, the ministry has implemented measures to manage trade remedies and technical barriers, ensuring compliance with international commitments. It has also negotiated mutual recognition agreements and provided businesses with support in resolving trade disputes, reducing risks associated with global integration. By leveraging free trade agreements (FTAs), the sector has expanded market access and driven export growth./.

Source: VNA