The main export commodity groups of the agricultural industry have many advantages in accelerating exports and are expected to have high expectations for the end of the year.
Many agricultural products recorded new export records
According to Customs Magazine, according to a report from the Ministry of Agriculture and Rural Development, at the end of September, rice exports reached a value of 3.66 billion USD, an increase of 40.4% over the same period last year.
The average export price of rice reached 553 USD/ton, up 14% over the same period in 2022 and at times reached nearly 650 USD/ton. Vietnam’s rice export price has set a record in the past 11 years and reached the highest level in the world. The average in 8 months is estimated at 542 USD/ton, up 11.5% over the same period last year. This is a record that Vietnam’s rice industry achieved thanks to the ongoing global food fever.
Some other agricultural products such as vegetables, fruits and coffee are also breaking export records when exports of coffee, cashew nuts, and livestock products grew by 2-26% over the same period last year. Specifically, as of September 15, coffee exports reached 1.2 million tons (down more than 5%), but turnover reached more than 3 billion USD, up 5%. Notably, Vietnam’s export coffee price recorded a record level in 30 years when the eight-month average reached 2,463 USD/ton, an increase of 8.9% over the same period last year.
According to the Vietnam Coffee and Cocoa Association, coffee prices are continuously increasing because supply is not enough to meet demand. This year’s coffee output is forecast to decrease by 10-15%/year due to unfavorable weather. However, coffee exports for the whole year will reach about 1.7 million tons, with an export turnover of 4.2 billion USD, the highest ever.
Another billion-dollar export product of the agricultural industry that is also shining upstream is cashew nuts. As of September 15, cashew exports reached nearly 421 thousand tons, an increase of about 15%, turnover reached more than 2.4 billion USD, an increase of about 9%.
Besides the “boom” of coffee and cashew nuts, fruits and vegetables are currently the commodity group recording the highest export growth of the entire agricultural industry. The export value of this industry has so far exceeded the historical record of 3.81 billion USD in 2018. Many forecasts say that fruit and vegetable exports in 2023 could bring in more than 5.5 billion USD when There are still 3 months left of the year.
According to the Ministry of Agriculture and Rural Development, in the first 9 months of 2023, fruit and vegetable exports reached 4.2 billion USD, an increase of nearly 72% over the same period last year. Vietnamese fruit and vegetable products are exported mainly to markets such as China, the US, Korea, Japan, and the Netherlands. Among these top 5 markets, only the US market decreased slightly, the remaining markets all had strong growth. Typically in the Chinese market, fruit and vegetable exports have reached over 2.26 billion USD, up 134% over the same period last year. Next is the Netherlands with an increase of 50%, Korea with an increase of 18%, and Japan with an increase of 6%. China is also the leading market in terms of export market share with nearly 64%, followed by the US, Korea, Japan, Netherlands…
According to the Plant Protection Department (Ministry of Agriculture and Rural Development), the fruit and vegetable products that have opened Vietnam’s market currently are: dragon fruit, longan, lychee, mango, rambutan, grapefruit, lemon, Star apple, banana. The products being negotiated to open the market are passion fruit to the US and Australia; grapefruit to Japan, Korea, Australia, India; durian to India; frozen citrus fruits, coconuts, and durian to China.
Other products with potential to open the market in the future are avocados and seedless lemons. Notably, in early August 2023, the US Plant Quarantine Service (APHIS) officially announced that Vietnamese manufacturers could start exporting coconut to the US. Thus, along with the negotiation of official exports of coconut products to China, in the coming time, Vietnamese coconuts are expected to quickly become a billion-dollar commodity, contributing to increasing the export turnover of Vietnam. entire fruit and vegetable industry.
Actively find new markets and customers
Information from Dau Tu newspaper, seafood, vegetables, rice, coffee, cashew nuts, rubber… are the main export groups of the agricultural industry that have many advantages in accelerating exports and are placed in many installments. hope for the end of the year.
With the goal of reaching the export target of 54 – 55 billion USD in 2023, the agricultural industry is stepping up production, diversifying markets, creating momentum for strong products to make a breakthrough at the end of the year.
In 2023, the global market will reduce purchasing power due to economic difficulties, but Vietnamese businesses are making great efforts to implement trade promotion programs and find new markets and customers.
Recently, 80 domestic agricultural and food businesses attended the world’s largest annual International Food and Beverage Fair in Germany, gathering 7,800 businesses from 118 countries.
Mr. Dinh Cao Khue, Chairman, General Director of Dong Giao Export Food Company (Doveco) said that Doveco’s fruit and vegetable exports remained stable to major markets such as the EU, China… with an increase of 30 – 40%, focusing on processed products such as passion fruit, pineapple, vegetables, sweet corn, soybeans, spinach, mango… “Participating in trade promotion programs helps businesses Update new consumer trends and proactively adapt, produce goods to meet each customer segment in each market”, Mr. Khue shared.
The report “Vietnam At A Glance: Light at the End of the Tunnel” recently released by HSBC Global Research noted positive signs of Vietnam’s production and trade activities.
According to HSBC, Vietnam’s exports to major trading partners such as the US, EU, Japan, and Korea are still decreasing, but the rate of decline has slowed down, while the second largest market, China, has achieved growth. positive 2.1% after 9 months with a turnover of 42.2 billion USD, largely thanks to the impressive growth of agricultural products.
Recently, most of Vietnam’s main agricultural products such as rice, fruit, rubber… have been exported very well to China.
Overall assessment, Deputy Minister of Industry and Trade, Mr. Do Thang Hai said that since the beginning of the third quarter of 2023, export activities have improved. Inventories in markets where Vietnam has export strengths have decreased, such as in the US, in the first 6 months of the year there was 20% inventory, but by August it was only 10%, forecasting that by the end of 2023 it could be 0%. . This is an opportunity for exported goods, because the US is Vietnam’s largest export market.
For the European market, the decline in exports has also slowed down. If in 7 months of 2023, exports to the EU reach 25 billion USD, down 9.9% over the same period, then by the end of September, the decrease will be only 8.2%.