Vietnam achieves $8.28 billion agro-forestry-fishery trade surplus in H1 2024

Vietnam achieved an agro-forestry-fishery trade surplus of 8.28 billion U.S. dollars in the first half of 2024, a 62.4 percent increase year-on-year, driven by rising exports and strong market demand.

Vietnam has reported a significant agro-forestry-fishery trade surplus of approximately 8.28 billion U.S. dollars for the first half of 2024, marking a remarkable 62.4 per cent increase compared to the same period in the previous year. This substantial growth reflects the country’s robust performance in the agriculture, forestry, and fishery sectors, driven by a combination of rising exports and effective market strategies.

During the first six months of 2024, Vietnam’s total agro-forestry-fishery export turnover reached an estimated 31.45 billion U.S. dollars, an impressive increase of 14.2 per cent year-on-year. This surge in exports was propelled by strong demand in major markets such as the United States, China, and the European Union. Key export commodities contributing to this growth included seafood, coffee, rubber, and wood products, all of which saw substantial increases in both volume and value.

Vietnam’s seafood industry, in particular, played a crucial role in achieving this trade surplus. The country exported approximately 4.36 billion U.S. dollars worth of seafood products, representing a significant year-on-year increase. Shrimp, pangasius, and tuna were among the top export items, benefiting from improved market access and higher prices. The United States and China remained the leading importers of Vietnamese seafood, highlighting the country’s competitiveness in the global market.

The forestry sector also experienced robust growth, with export turnover reaching about 9.58 billion U.S. dollars, up by 11.6 per cent compared to the first half of 2023. The demand for Vietnamese wood products, particularly in the U.S. and EU markets, continued to drive this growth. Additionally, the implementation of sustainable forestry practices and increased investments in technology have enhanced the quality and competitiveness of Vietnamese wood products on the international stage.

Vietnam’s agricultural exports, including key commodities such as rice, coffee, and rubber, contributed significantly to the trade surplus. The country exported around 1.34 million tons of rice, generating approximately 600 million U.S. dollars in revenue. Coffee exports also saw a notable increase, with a 17.3 per cent rise in volume and a 23.7 per cent increase in value year-on-year.