Viet Nam’s agricultural exports decline in May due to COVID-19

Exports and imports of agricultural goods saw a decline in the first five months of 2020 due to the negative impacts of the COVID-19 pandemic, according to the Ministry of Agriculture and Rural Development (MARD)’s monthly report last week.

 

Export value in the first five months of 2020 saw a decline of 4.1 per cent year-on-year and was valued at US$15.5 billion.

Coffee, rice and vegetables were among the commodities with the strongest export growth, whereas rubber, tea and pepper saw a sharp fall.

China is Viet Nam’s largest exporting market of agricultural products, with export turnover at $3.7 billion, a 15.5 per cent drop in value, closely followed by the US and the EU, reaching $3.4 billion and $1.6 billion, respectively.

Nguyen Quoc Toan, Director of the MARD’s Agro Processing and Market Development Department, says the ministry will closely observe the situation in COVID-19-affected markets to provide corresponding solutions.

“We will collaborate with the Ministry of Industry and Trade, agencies and companies to closely monitor the price, supply and demand of essential agricultural goods in the domestic market to ensure food security in Viet Nam while still maintaining agricultural exports,” he said.

The ministry will also focus on resolving technical barriers in agricultural trade, as well as expanding and diversifying markets through negotiations with trade partners.

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