Coffee exports suddenly surpassed seafood, earning 1.38 billion USD after just 2 months

For the first time in history, Vietnam’s coffee export turnover surpassed seafood to rank top 2 in the agricultural sector. Accordingly, exporting this type of nut earned 1.38 billion USD in just the first 2 months of the year.

Latest information from the Ministry of Agriculture and Rural Development, last February, agricultural, forestry and fishery product exports reached 4.48 billion USD, up 21.8% over the same month last year.

Cumulatively until the end of February 2024, all agricultural export groups increased compared to the same period last year, so export turnover reached 9.84 billion USD, an increase of 50.3%. The industry’s trade surplus reached 2.68 billion USD, an increase of 2.9 times over the same period last year.

Some export items had a strong growth rate such as: agricultural products earned 5.18 billion USD, an increase of 55.7%; forest products 2.9 billion USD, up 59.7%; seafood 1.37 billion USD, up 28.9%; fruit and vegetable products 970 million USD, an increase of 72.8%; rice 708 million USD, up 49.8%, cashew nuts 595 million USD, up 68.2%…

In the past 2 months, coffee export turnover suddenly surpassed seafood when reaching 1.38 billion USD. This is also the first time in history that coffee has surpassed fisheries, rising to the top 2 in export turnover in the agricultural sector, only behind wood and wood products.

The average export price of some agricultural products increased over the same period. Specifically, rice price reached 699 USD/ton, an increase of 32.2%; coffee 3,153 USD/ton, up 44.7%; rubber 1,429 USD/ton, up 3.4%; pepper 4,041 USD/ton, up 28.7%; tea 1,699 USD/ton, up 1.7%.

Cashew nut price alone is 5,405 USD/ton, down 6%; Cassava and cassava products export prices reached 259 USD/ton, down 2.8%…

The Ministry of Agriculture and Rural Development also said that the US, China and Japan continue to be the three largest export markets. Accordingly, the export value to the US increased by 77.3% over the same period last year and accounted for 21.5% of the total export turnover of the entire agricultural sector; Exports to China increased by 47.9%, accounting for 21%; to Japan increased by 29.2%, accounting for 7.2%.

Discussing the agricultural export market, Deputy Minister of Agriculture and Rural Development Phung Duc Tien informed that recent export activities, especially in the field of fisheries and agricultural products, have shown signs of positive recovery. However, we need to ensure this recovery is sustainable and not just a temporary cycle in food demand across major markets.

Regarding the Chinese market, Deputy Minister Tien acknowledged that there is still much potential to expand export activities. To date, Vietnam has signed and implemented trade for items such as meat, coconuts and frozen durian.

The Ministry of Agriculture and Rural Development will conduct negotiations to open more doors for seafood and watermelon, promoting geographical advantages. At the same time, developing smart border gates and rail and road transport networks also need to focus on creating more favorable conditions for transporting agricultural products to China, minimizing logistics costs and increasing income for farmers.