AsemconnectVietnam - According to the Ministry of Agriculture and Rural Development, Vietnam’s total import-export turnover of farm, forestry and fishery products in the first three months of the year was estimated at 20.63 billion USD, down by 11.2% over the same period last year.

In which, the exports of farm, forestry and fishery products were estimated at 11.19 billion USD, down by 14.4% over the same period last year; and the import value was estimated at 9.44 billion USD, down by 7.2%; the whole industry had a trade surplus of 1.76 billion USD, down by 39.6% over the same period last year.
Vietnam’s exports of farm, forestry and fishery products in March and the first quarter of 2023
In the first 3 months of 2023, Vietnam’s export turnover of farm, forestry and fishery products was estimated at 11.19 billion USD, down by 14.4% over the same period last year.
In March of 2023 only, the country’s export turnover of farm, forestry and fishery products was estimated at 4.66 billion USD, up by 27.0% compared to February but down by 6.5% compared to March of 2022.
The export turnover of farm products reached 2.42 billion USD (up by 16.3% compared to March of 2022); the exports of forest products reached 1.29 billion USD (down by 22.5% compared to March of 2022), and the exports of aquatic products reached 720 million USD (down by 29% compared to March of 2022) and the export turnover of the animal husbandry reached 47.4 million USD (up by 44.8% compared to March of 2022), the imports of production input reached 182 million USD (down by 3.9% compared to March of 2022) and the export turnover of salt reached 0.4 million USD, down by 29.2% compared to March of 2022).
Generally, in the first three months of the year, many key export products had a decrease in export value compared to the same period last year, so the export turnover was estimated at 11.19 billion USD, down by 14.4% over the same period last year.
The exports of agricultural products reached 5.73 billion USD, up by 3.8%; the exports of forest products reached 3.11 billion USD, down by 28.3%; the exports of seafood reached 1.7 9 billion USD, down by 29.0%; the exports of livestock production reached 115 million USD, up by 46.5%; the exports of production input reached 458 million USD, down by 26.8% and the exports of salt reached 0.9 million USD, down by 31.3%.
The items with higher export value compared to the same period last year include: rice with 952 million USD (up by 30.2%); fruits and vegetables with 935 million USD (up by 10.6%); cashew nuts with 708 million USD (up by 14.2%); milk and dairy products with 33.3 million USD (up by 22.2%); meat and by-products 37 billion USD (up by 80.1%).
Several items that decreased in export turnover compared to the same period last year included: coffee with 1.27 million USD (down by 2.3%), rubber with 552 million USD (down by 22.9%), tea with 35 million USD (down by 22.9%), pepper with 239 million USD (down by 3.8%), pangasius with 422 million USD (down by 33.1%), shrimp with 578 million USD (down by 39.4%), wood and wood products with 2.88 billion USD (down by 28.3%), rattan, bamboo and sedge carpet products with 172 million (down by 34.9%).
Leading export markets of farm, forestry and fishery products
Regarding the export markets, in the first 3 months of 2023, China was the largest export market with the export value of 2.4 billion USD (accounting for 21.5% of the market share); the United States with 2.04 billion USD (accounting for 18.2%); Japan with an export value of 936 million USD (accounting for 8.4%); and then South Korea with an export value of 528 million USD (accounting for 4.7%).
The total export turnover of agro-forestry-fishery products decreased, the trade surplus decreased compared to the same period last year. According to the Ministry of Agriculture and Rural Development, the reason was the slowing growth of the global economy in 2023; influence from the Russian-Ukrainian military conflict; high inflation in some countries around the world has reduced consumption demand and import demand. In addition, because after the Covid-19 epidemic was controlled, many countries re-exported agricultural products and increased supply in the market; while in the country, many enterprises have not signed new export orders in 2023. This has been forecasted by the Ministry in the last months of 2022.
In order to promote market development, remove barriers, and facilitate domestic consumption and export, in the coming time, the Ministry will focus on removing difficulties and obstacles and minimizing negative impacts of the epidemic and market fluctuations in the country and the world.
The ministry will take advantage of FTAs, especially the CPTPP and EVFTA Agreements to promote the exports of key agricultural, forestry and fishery products, and support enterprises to sign new export orders as well as coordinate to support the protection of trademarks and geographical indications for potential export products of Vietnam abroad.
Besides, the ministry will also prepare to organize a conference of border provinces on trade connection and promotion of agricultural product trade between Vietnam and China (second quarter and third quarter of 2023); participate in a series of events promoting Vietnam's key agricultural products in the UK. The series of international Food and Beverage events in the UK is on the occasion of the 50th anniversary of Vietnam - UK relations (in the second quarter of 2023).
Vietnam’s seafood exports in the first quarter of 2023
According to the General Department of Customs, it is estimated that Vietnam’s seafood exports in the first quarter of 2023 reached about 1.85 billion USD, down by 27% compared to the first quarter of 2022.
In March of 2023, seafood exports were estimated at 780 million USD. The exports of key commodities still decreased by 8-39% compared with the same month of 2022. In which, shrimp exports decreased by 39%, pangasius decreased by 23%, tuna decreased by 33%, squid and octopus decreased by 8%. However, exports of other marine fish species still grew by 11% year-on-year.
By the end of the first quarter of 2023, Vietnam’s shrimp exports brought in 577 million USD, down by 40%, pangasius reached 447 million USD, 32% lower than the same period and tuna decreased by 31% to 179 million USD. The exports of squid and octopus were also 8% lower than the same period last year, reaching 54 million USD. Particularly, the exports of marine fish species still increased slightly by 3% to 435 million USD.
According to the Vietnam Association of Seafood Exporters and Producers, the world market is still heavily affected by inflation and economic slowdown, which reduces consumption and import demand and also reduces import prices.
It is forecasted that seafood exports will gradually recover from the second quarter after international fairs in the US and EU attract more customers.
The Vietnam Association of Seafood Exporters and Producers also said that in the first half of 2023, shrimp exports will recover slowly because of fierce competition with India, Ecuador and Indonesia. Pangasius exports will be better in the context of inflation and economic decline in many markets and have more great opportunities after China fully reopens after Covid.
The exports of marine fishes continued to increase, in which there was a growing contribution of processed, exported and manufactured goods made from imported raw materials such as salmon, cod, and pollock. In countries in the world, there is a tendency to increase the consumption of traditional products for Asian consumers. Therefore, the exports of dry goods (fish, shrimp, squid), fish sauce, fish cakes, canned goods may increase.
China will become the largest import market, but the competitive pressure is great because exporters and traders from other countries also focus on this market after the opening.
The exports to the EU, US, Japan and South Korea markets are difficult to break through because inflation causes consumers to tighten their spending and the average import price decreases compared to the previous year.
From the reality of market fluctuations, seafood enterprises have made reasonable adjustments to export products. For example, with China, in addition to frozen products, businesses should take advantage of their close geographical location to increase exports of shrimp and fresh/live seafood to the restaurant, hotel, and tourism segments.
With other major markets such as the US and EU, businesses are more interested in the trend of importing goods for Asian supermarkets, which means that traditional Asian product lines, such as dry goods, water. fish sauce, fish sauce, are still attracting customers.
The Ministry of Industry and Trade, the Ministry of Agriculture and Rural Development and the Ministry of Foreign Affairs have actively promoted many trade promotion programs, conferences and forums to connect trade with a number of markets. Seafood enterprises wish to continue participating in such trade programs with markets, especially key markets to find partners and promote exports.
In the difficult market context in 2023, enterprises are looking forward to the management agencies to help solve the immediate difficulties and inadequacies for businesses to stabilize the source of raw materials and promote exports, especially the policy and implementation of preferential interest rates for farmers, fishermen and seafood processing enterprises.
CK
Source: VITIC/congthuong.vn