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Agriculture sector reported a trade surplus of US$1.59 billion in the first quarter PDF Print
Wednesday, 12 April 2017 16:21

VIETRADE - According to the Ministry of Agriculture and Rural Development (MARD), in March 2017, the export revenue of agricultural, forestry and aquatic products of the whole country reached US$2.9 billion, bringing the total export value of the whole industry in the first three months of this year to US$7.6 billion, up 7.6% over the same period last year. Specifically, export value of key agricultural commodities was estimated at US$4.2 billion, increasing by 13.5%; aquatic products at US$1.5 billion, increasing by 3.6%; and forestry products U $ 1.8 billion, increasing by 12.4% over the same period of 2016.

 

In the first three months of this year, import value of agricultural, forestry and animal products was about $ 6.01 billion, up 14.3% over the same period of 2016. Thus, in the first quarter of this year, the agriculture sector had a trade surplus of US$1.59 billion.

 

Export revenue of many commodities increased

In the export of agricultural, forestry and aquatic products, rubber is noteworthy. Thanks to the sharp increase in export prices, the export revenue of this commodity increased remarkably in the first quarter of 2017. Specifically, in March, the rubber export volume was estimated at 65,000 tons with an export revenue of US$138 million, bringing the export volume in the first three months of this year to 249,000 tons with an export revenue of US$510 million, increasing by 1.9% in volume and by 90.6% in revenue compared to the same period of 2016.

 

The average export price of rubber in the first two months of 2017 is US$2,023 per ton, up 80.5% over the same period last year. The major export markets for Vietnamese rubber are China (accounting for 67.3%), followed by South Korea (4.1%) and Malaysia (4%). Exports of Vietnamese rubber to these markets saw a rapid increase, of nearly three times in China, 2.7 times in South Korea, and 75.4% in Malaysia compared to 2016.

 

Similar to rubber, there was an increase in both volume and export prices of tea in the first quarter. Particularly, the export volume of tea in March 2017 was estimated at 9,000 tons, with the export revenue of US$12 million, bringing the export volume in the first three months of 2017 to 26,000 tons, with an export revenue of US$38 million, rising by 12.6% in volume and 6.4% in value over the same period of 2016.

 

The significant increase in export revenue in many markets such as India (16.1 times), Poland (3.4 times), China (by 99.9%), Russia (by 18.9%), etc, resulted in an increase in the overall tea export revenue despite a decrease in the tea export volume and revenue in our major market of Pakistan (accounting for 33.6% of the market share). The average export price in the first two months of 2017 reached $1,472/ton, up 12.6% over the same period of 2016.

 

As for coffee, although the export volume of this commodity reduced, higher export prices led to a sharp increase of its export revenue in quarter 1 this year. Specifically, in March 2017, the export volume of coffee of Vietnam was reported at 162,000 tons with an export revenue of US$365 million, bringing the total coffee export volume in the first 3 months of the year to 449,000 tons with an export revenue of US$1 billion, down 5.4% in volume but up 25.6% in value over the same period of 2016.

 

The average export price of coffee in the first two months of 2017 is $ 2,262 per ton, rising by 32.3 % compared to the same period of 2016. Germany and the United States of America are the two largest coffee markets of Vietnam in January and February this year with a market share of 17% and 15.6%, respectively. The markets that witnessed an increase in our coffee exports in the first two months of this year includes Belgium (x2.3 times), South Korea (+79.3%), United States Algeria (+50.1%), Spain (+33.6%), Germany (+28.8%), UK (+27.4%), Japan (+21%), and Italy (+20.2%).

 

Similar to coffee, the cashew nut export revenue reported a significant increase in the first quarter of this year thanks to increased export prices, despite the decline in export volume. In March 2017, the export volume of cashew nut was estimated at 22,000 tons with an export revenue of US$200 million, bringing the export volume in the first three months of 2017 to 53,000 tons with the export revenue of US$487 million,  reducing by 8.6% in volume but rising by 10.4% in value compared to the same period of 2016.

 

The average export price of cashew nut in the first 2 months of 2017 is US$9,090 per ton, up 20.7% over the comparable period of 2016. Vietnam’s cashew nut export revenue increased rapidly in the following markets: the UK (+47.1%), the US (+30.1%), Australia (+25.6%), United Arab Emirates (+25.6%) compared to the previous year, etc.

 

Export revenue of wood and wood products was estimated at $ 1.7 billion in the first three months of this year, rising by 13% over the same period of 2016. In particular, in March 2017, export revenue of wood and wood products reached US$649 million.

 

Main markets for Vietnamese wood and wood products in the first two months of this year are the US, China, and Japan (representing 67.6% of the market share).

 

The export revenue of aquatic products during January-March 2017 also increased by 3.6% over the same period last year, achieving US$1.5 billion. In March 2017 alone, the export value of aquatic products was estimated at US$537 million.

 

Vietnamese aquatic products are mainly exported to Japan, the US, Korea and China (accounting for 51.6% of the total export value of the country in the first two months of this year). In particular, aquatic exports to China increased by 19.5%, to Korea by 13.5%, and to Japan by 28.5% over the previous year, etc.

Export revenues of some commodities fell due to price declines

 

Although in the first quarter of 2017, the export volume of pepper increased quite well, the export revenue of this item is still lower than that of 2016 due to price declines. This is one of the few agricultural, forestry and fishery items with reduced value in Q1. The export volume of pepper in March 2017 was estimated at 27,000 tons with ab export revenue of US$164 million, bringing the volume of pepper exported in the first 3 months of 2017 to 49,000 tons, with an export revenue of US$317 million, up 12.9% in volume but down 13.4% in value over the same period of 2016.

 

The average export price of pepper in the first two months of 2017 reached US$6,924 per ton, 22.2% lower than that of 2016. Vietnam’s largest pepper consuming markets are the United States, the United Arab Emirates, Germany and India.

 

Similarly, cassava and cassava products also reported a decline in export revenue though the export volume increased in the first quarter. Specifically, the export volume of cassava and cassava products was estimated at 596,000 tons, with the export revenue of US$143 million in March 2017, bringing the total export volume of cassava and cassava products in the first three months of 2017 to 1.3 million tons, with a revenue of US$308 million, up 4.7% in volume but down 1.6% in value over the same period of 2016. In January and February this year, exports of cassava and cassava products dropped in the following markets: China (-7.1%), Japan (-75.6%) and the Philippines (-14.9%).

 

Rice is the only item reported with a decline in both export volume and revenue in the first quarter of this year. In March 2017, the export volume was estimated at 542,000 tons with an export revenue of US$251 million, bringing the export volume in the first 3 months of 2017 to US$1.28 million tons with an export revenue of US$566 million, reducing by 18.1% in volume and 17.3% in value in comparison to 2016.

 

The average export price of rice in January-February 2017 is US$426 per ton, declining by 1.6% over the same period of 2016. China still ranked the first among Vietnam's rice import markets in February 2017 with 35.9% of the market share. Ranking the second was the Philippines with 24.8% of the market share. The following markets witnessed a decline in Vietnamese rice exports: Ghana (-63.5%), Hong Kong (-43.8%), Malaysia (-43.1%), Singapore (-34.9% ) and the Ivory Coast (-15.1%).



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