Vietnam Agro Sector Reports US$1.82B Trade Surplus in Jan-May
Vietnam’s agricultural sector posted a trade surplus of US$1.82 billion in the first five months of 2010 as imports grew faster than exports, the Ministry of Agriculture and Rural Development said.
The country spent US$5.4 billion on importing agricultural products and materials in the period while it earned US$7.22 billion from exports of farm produce, according to the ministry.
Animal feed and animal materials, rubber, wheat and cotton are among Vietnam’s major imports while the country’s export staples include rice, coffee, rubber, cashew, pepper, and seafood.
Vietnam, however, is losing its positions as a net exporter in farm trade balance with the U.S., suffering a deficit of nearly US$78 million in Q1. Local experts attributed the shift to many barriers erected stateside lately.
The Southeast Asian nation had requested the U.S. to open its door to many types of local farm items like vegetables and fruit, but only dragon fruit has been admitted after painstaking efforts.
Farm produce exports to the U.S. could only be smoothened out once Vietnam enjoys the Generalized System of Preferences and is treated as a market economy, they noted. (Youth)
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