According to the Agricultural Product Processing and Market Development Department, the export turnover of agriculture, forestry and fishery products in June 2020 is estimated at US $ 3.15 billion, bringing the total export value in the first 6 months of 2020 to US $ 18.81 billion. decreased by 3.4% compared to the same period in 2019.
In particular, the export value of main agricultural products is estimated at 8.94 billion USD, down 2.7%; The value of livestock export is estimated at US $ 190 million, down 19.4%.
The value of fishery export is estimated at US $ 3.56 billion, down 8.6%; export value of main forest products is estimated at 5.3 billion USD, up 2.7%.
China, the USA, Japan and South Korea are the four largest import markets of Vietnam’s agricultural, forestry and fishery products, with 24.2%, 21.9%, and 8.8% and 6.1%.
Meanwhile, estimated import value of agriculture, forestry and fishery in June 2020 reached US $ 2.6 billion, bringing the total import value in the first 6 months of 2020 to nearly US $ 14.3 billion, down 6.6%. compared to the same period in 2019.
In particular, the import value of main agricultural, forestry and aquatic products is estimated at nearly 11.6 billion USD, down 8.2% compared to the same period in 2019.
The United States, China and the ASEAN bloc are the three largest markets / markets supplying agricultural, forestry and fishery products to Vietnam, with a share of total import value accounting for 13.1%, 12.1% and 12%.
However, Vietnam’s imports from all three markets in the first 6 months of 2020 are estimated to decrease compared to the same period in 2019. Specifically, imports from the US are estimated to decrease by 1.4%, China will decrease. 12% and ASEAN decreased by 20.9%.
In the context of potential COVID-19 pandemic, Vietnam’s exports of agricultural, forestry, and aquatic products are under adverse impacts.
Although the retail market in countries like the US is expected to increase in May 2020, far beyond the forecast, the signs of economic recovery of the country are still uncertain due to the growth of jobs and production is still very low compared to the period before the pandemic.
Meanwhile, China’s retail sales fell in May 2020, marking the fourth consecutive month of decline, which is considered inevitable as the country’s domestic consumption depends heavily on tourism activities. calendar, while rising unemployment plus fears of a new outbreak.
In other developments, European countries from the beginning of May 2020 are gradually relaxing blockade measures and restarting the economy.
In addition, on June 8, the Resolution approving Vietnam and European Union Free Trade Agreement (EVFTA) and Investment Protection Agreement (EVIPA) was officially passed by the National Assembly of Vietnam.
The agreement is expected to take effect from August 1, opening a great opportunity for Vietnam to access this market.
However, opportunities always come with new challenges in terms of regulations, technical standards and competitive pressure on Vietnamese businesses, especially agricultural enterprises.
