Agriculture sector sees a trade surplus of $2.1b in Q1

With an increase of $1.8 billion in export turnover in March, Vietnam’s export for agro-forestry and seafood products in Q1 is estimated to reach $5.4 billion, rising 33.3% against the same period last year, Ministry of Agriculture and Rural Development (MARD) reported.

The ministry said almost export items increased in volume and value in comparison with the same period last year. Of which, key agricultural products earned $3.4 billion (a year on year rise of 56.2%), seafood products fetched $1.1 billion (up 22%) and forestry products gained $809 million (up 1.2% y-o-y).

In details, as for key export agricultural products, coffee export reached 504,000 tones worth $1 billion, up 46.1% in volume and over 2 fold increase in value from the same period last year.

The average export price of coffee in Jan-Feb reached $1,993 per tone, increasing 40.9% (or $579 per tone) year on year. The country’s coffee export to the US market grew 92.2%, Belgium increased 4.3 times and Italia nearly 3 time growth year on year.

Vietnam’s rubber export in the first three months also reached 179,000 tones valued at $798 million, up 44.9% in volume and 2.5 fold increase in export turnover year on year.

The rubber average export price in Jan-Feb reached $4,466 per tone, up 76.9% (or $1,942 per tone) compared to the same period 2010. Vietnam’s rubber export to Chinese market (accounting for 62.3% of the market share) grew 47.3% in quantity and 2.6 times in value year on year.

Vietnam’s cashew export in first three months reached 28,000 tones, for $194 million, down 9,8% in volume but up 21.7% in value y-o-y.

Meanwhile, the country’s tea export in Jan-Mar reached 26,000 tones, earning $36 million, decreasing slightly in volume but remaining the value from the previous year. The tea average export price in Jan-Feb reached $1,437 per tone, increasing slightly from the same period last year (3.7%).

Vietnam’s pepper export in Jan-Mar reached 18,000 tones worth $85 million, equaling to two third in volume and approximately in value year on year. The pepper average export price in the first two months this year reached $4,785 per tone, up 53.8% ($1,673 per tone) year on year.

Conversely, Vietnam’s rice export saw a rise in volume but fall in value. Particularly, in Jan-Mar, Vietnam exported 1.6 million tones of rice, earning $823 million up 13.3% in volume but up only 3.9% in value y-o-y.

The ministry attributed the fall in Vietnam’s rice export turnover to the recovery in wheat export activities. So, in order to encourage rice export activities, both Thailand and Vietnam lowered the export price of rice. The average export price of rice in Jan-Feb reached $505 per tone, falling 9.6% from the same period 2010. While, Indonesia continued to be Vietnam’s biggest rice buyer, Philippines has not joined the market yet.

Regarding forestry, furniture and timber products, in Jan-Mar, the export turnover is estimated to reach $756 million, increasing slightly year on year.

Vietnam’s aquatic product export in Q1 is estimated to reach $1.1 billion, up 22% year on year.

Also in Q1 2011, Vietnam’s import spending for agro-forestry and fisheries products would be $3.3 billion, falling 5.9% against the same period last year. Thus, the agriculture sector will see a trade surplus of about $2.1 billion in Q1 2011. – Vietbiz24

Tags: Vietnam agriculture