The US continues to consume large amounts of Vietnamese agricultural products

NDO – According to the Ministry of Agriculture and Rural Development, in the first quarter of 2024, the US is still Vietnam’s second largest agricultural, forestry and fishery export market, after China. The export value of agriculture, forestry and fishery products to the US in the first 3 months of 2024 accounts for 19.9% of total export turnover, up 28.3% over the same period in 2023.

The US is currently the leading importer of pangasius from Vietnam.

According to statistics from the US Department of Agriculture (USDA), the US demand for fruit imports is increasing, including increased imports from Vietnam. Specifically, US imports of mangoes of all kinds in the period 2019-2023 will grow by an average of 8.1% in value. In 2023, US imports of mangoes of all kinds will reach 746.4 thousand tons, worth 1.11 billion USD. Vietnam is the 13th largest mango supply market for the US. Although still accounting for a low proportion, the amount of mangoes imported from Vietnam by the US will increase sharply in both volume and value in 2023.

The average price of imported mangoes from Vietnam reached 3,189.9 USD/ton, up 26% compared to 2022. The US imports from Vietnam mainly frozen and fresh mangoes. Of which, in 2023, frozen mango imports will reach 643 tons, worth 988,000 USD, an increase of 84.7% in volume and an increase of 82.9% in value compared to 2022; Fresh mango imports reached 500 tons, worth 1.4 million USD, up 16.7% in volume and 38.2% in value.

In addition to fruit, the US is currently the leading importer of pangasius fish from Vietnam. Cumulative pangasius exports to this market in the first 2 months of this year reached 34 million USD, up 25% over the same period in 2023. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood exports Vietnam’s 2024 seafood products may benefit from the US Government’s tightening ban on imports of seafood originating from Russia, including salmon, cod, pollock and crab. Meanwhile, in the US market, Vietnamese pangasius is considered a substitute for pollock. These are good signs for Vietnamese pangasius exports to the US market in the near future.

Meanwhile, Vietnamese shrimp exports to the US in the first 2 months of 2024 reached 72 million USD, up 26% over the same period in 2023. The average price of Vietnamese shrimp exports to the US after hitting bottom in November/ 2023, there has been an upward trend in the first months of this year.

Ms. Phung Thi Kim Thu – Shrimp market expert (VASEP) said: US fresh and frozen seafood sales are forecast to stabilize in 2024, after facing many difficulties in 2023 due to inflation. , people tighten their spending. Compared to some of the main shrimp suppliers in the US, which are India, Ecuador, and China, Vietnam is considered more promising, especially in the context that the US also has a policy of increasing purchases from many different countries. Reduce over-reliance on China.

Recently, the 2024 North American Seafood Exhibition took place with the participation of many large Vietnamese shrimp exporting enterprises, also promising many prospects for shrimp export to this market. However, from the beginning of 2024 until now, Red Sea tensions have caused shipping rates to the US to increase, also an obstacle for seafood export businesses.

For coffee products, in the first 2 months of 2024, Vietnam’s exports to the US reached 10.6 thousand tons, reaching 8.9% of the volume in 2023; Turnover reaches 34.5 million USD, reaching 11.8% of turnover in 2023. Notably, the average export price of instant coffee in February 2024 is at 9,184 USD/ton, an increase of 15,000 USD/ton. 3% compared to January 2024 and up 29.5% compared to the same period in 2023.

According to the Institute of Policy and Strategy for Agricultural and Rural Development, the ready-to-drink coffee market in the US is estimated to reach 6.46 billion USD in 2024 and is expected to reach 8.61 billion USD in 2029, with rapid growth. Average annual growth rate (CAGR) reaches 5.92% in the period 2024-2029.

Since the emergence of the Covid-19 epidemic, the trend of coffee consumption in the US has gradually shifted to online shopping, and consumers have also switched to using drinks containing healthy ingredients. more. This trend has led to large coffee companies adding healthful ingredients to their products such as vitamins, minerals, probiotics, antioxidants and enhancers. energy. This is something Vietnamese coffee processing and exporting enterprises should pay attention to to increase turnover into this market.