Vietnam's major agricultural exports drop off during first quarter
A range of major agricultural products, aside from rice and cashew nuts, experienced a year-on-year drop in export value during the first quarter of 2020, according to the Ministry of Industry and Trade (MoIT).
MoIT statistics show that vegetable and fruit exports made US$831 million, a fall of 11.5%, while the export of coffee, rubber, and peppers fell by 6.4%, 26.1%, and 17% to US$794 million, US$331 million, and US$156 million, respectively.
By contrast, the export of both rice and cashew nuts enjoyed an increase in terms of both quantity and value, grossing US$653 million and US$644 million, respectively.
This comes after the Ministry of Industry and Trade and the Ministry of Agriculture and Rural Development predicted that agricultural exports to China would recover by the end of March.
Indeed, early April is expected to see demand grow for the export of agricultural products, especially food, to China. The northern neighbour decided to reduce tariffs on 80 items out of a total of over 800 with the aim of promoting imports to meet domestic demand in the post-COVID-19 period.
The Ministry of Agriculture and Rural Development stated that China will prove to be a decisive market for the country’s agricultural products this year, noting that all resources should be mobilised in an attempt to fully tap into the advantages of this market.
Source: VOV / AsemconnectVietnam
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