Vietnam’s 2017 export estimates coming true

If all estimates are correct, Vietnam’s 2017 exports will have grown at the highest rate seen since 2011. The Ministry of Industry and Trade forecast that the country’s exports in 2017 would stand at $212 billion, an increase of 18.9 per cent compared to 2016.

The export figure helped bring total trade in 2017 to $410 billion; a four-fold increase over the last decade. Export figures have increased the country from 50th position globally in 2007 to 26th in 2016, Deputy PM Hue emphasized, with its rankings in the WTO’s trade profile improving significantly.

Despite the agriculture sector having to continually grapple with various difficulties and challenges, particularly complex trade barriers and cutthroat global competition, Vietnam’s agriculture exports grew strongly in 2017. Turnover stood at $33.1 billion as at late November, an increase of 13.8 per cent year-on-year. Fruit and vegetable exports saw the highest growth in the sector, of $3.16 billion, up 43.2 per cent year-on-year.

According to an article, China, Japan, the US, and South Korea are the four leading importers of Vietnamese fruit and vegetables. Fresh dragon fruit was officially allowed to enter Japan in early 2017 and Australia in August, while the US approved Vietnamese star apples being imported into the country. The US, is very welcoming to high-quality products from Vietnam, as Vietnam has diverse crop cycles, which provides stable supplies throughout the year.

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