July 07, 2020 09:43

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Agricultural imports, exports fall due to COVID-19

17:39 | 02/06/2020

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

agricultural imports exports fall due to covid 19

Of which, export value in the period dropped 4.1% year-on-year to 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 Vietnam’s largest exporting market of agricultural products, with export turnover of US$3.7 billion, a 15.5% drop in value. It was closely followed by the US and the EU, reaching US$3.4 billion and US$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 Vietnam while still maintaining agricultural exports,” he said.

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

Source: VNA