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Agricultural exports: US becomes Vietnam's largest trading partner
Friday, 05/11/2021 04:17
Agricultural exports: US becomes Vietnam's largest trading partner

Overcoming China and Cambodia, the US became the largest trading partner of Vietnam's agricultural industry in January-October 2021.

The latest import-export report of the Ministry of Agriculture and Rural Development (MARD) shows that in this period, the total import-export turnover of Vietnam's agricultural, forestry and fishery products reached over 74.3 billion USD, up 24.2% over the same period of last year. Exports hit nearly 38.75 billion USD, up 13.1% and imports were 35.56 billion USD, up 39.1% year on year.

Notably, the US was the largest trading partner of Vietnamese agriculture in this period.

Specifically, with an export turnover of 10.8 billion USD (accounting for 27.9% of the market share), the US surpassed China to become the largest customer of Vietnam. Wood and wood products accounted for 68.4% of Vietnam's total export turnover to this market.

The US also passed Cambodia to become the largest agricultural export market to Vietnam, with nearly 3.3 billion USD, accounting for 9.2% of the market share (of which cotton accounted for 36.4% of the total value).

According to experts, thanks to the control of Covid-19 epidemic, the US becomes a potential market for Vietnamese agricultural exports. Not only in the interior wood segment, in recent months, seafood exports to this market have also increased sharply.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), by the end of September 2021, Vietnamese seafood exports to the US reached 1.45 billion USD, up 24% year on year.

Shrimp, pangasius and tuna are the three main product lines exported to the US. Of which, shrimp exports to the US increased by 22% to reach 775 million USD. The US is currently Vietnam's largest shrimp export market, accounting for 28% of the shrimp industry's export turnover.

For tuna, the US was also the largest market, accounting for 43.5% of the proportion, with 226 million USD in the above period, up 8% year on year.

Pangasius exports to the US reached 248 million USD, up 43%. Notably, Vietnamese pangasius accounted for 93% of the total imported catfish value in this market in the first three quarters of 2021.

According to the MARD’s Department of Agricultural Product Processing and Market Development, Vietnam’s exports of vegetables, fruits, coffee, tea, pepper, rubber, cashew nuts and seafood to the US will continue to grow strongly in the coming time if they can overcome technical barriers.

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