Rice, coffee, vegetables, and many other agricultural products are all key export groups of Vietnam, regularly bringing in billions of USD in export value.
Rice and many other agricultural products regularly bring in billions of dollars to Vietnam. Photo: Viet Linh
Data from the General Department of Customs shows that in the first half of July, the country’s total export turnover reached more than 16 billion USD. From the beginning of the year to July 15, the total export value reached more than 207 billion USD, an increase of 15%, equivalent to a net increase of more than 27 billion USD compared to the same period in 2023.
Items bringing in billions of USD
In addition to large groups of goods with export values reaching tens of billions of USD each year, many groups of goods in the agricultural sector also regularly bring in billions of USD for Vietnam.
According to statistics from the General Department of Customs, in the first half of this year, Vietnam’s coffee export turnover reached nearly 3.2 billion USD, which is only about 1 billion USD less than last year and higher than the whole of 2021 (nearly 3.1 billion USD).
In the first half of July alone, Vietnam’s coffee exports reached 32,041 tons, with the average export price increasing by 75%, bringing the export turnover of this item to 158 million USD.
The Ministry of Agriculture and Rural Development forecasts that Vietnam’s coffee export turnover in 2024 will exceed 5 billion USD and may even reach 6 billion USD, the highest level in history.
Despite the price advantage, the amount of coffee in the population this year is not much. The Center for Industry and Trade Information—Ministry of Industry and Trade (VITIC) estimates that the amount of coffee in stock is only about 200,000 tons, while Vietnam will not enter the harvest season for more than 3 months. We have to wait until October-November, when the coffee harvest season begins, for Vietnam’s coffee supply to increase again.
Besides coffee, vegetables and fruits are also an agricultural product group that brings in billions of USD in export value for Vietnam. Of which, the export turnover of this industry has increased sharply, reaching nearly 4 billion USD (+23%) compared to the same period last year. The main contributors to the fruit and vegetable products are durian, banana, and dragon fruit.
Vietnam’s coffee export output in the next 3 months is forecast to decrease sharply. Photo: M.T.
Also in the first half of July, the General Department of Customs said that Vietnam’s rubber exports reached nearly 93 tons, worth more than 154 million USD. Previously in June, this item also brought in 246 million USD, an increase of 83% compared to the previous month.
Accumulated in nearly 7 months, our country has exported 819,603 tons of rubber with a value of nearly 1.3 billion USD. Currently, Vietnam is the 3rd country in natural rubber supply, accounting for nearly 12% of the world’s total rubber volume.
Vietnam’s tra fish is also a seafood product favored by many countries around the world, currently conquering more than 140 markets in the world, including strict markets such as the US, EU, and Japan.
Regarding the export situation of pangasius, it has begun to recover and improve in some markets. Among them, there are markets under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The Vietnam Association of Seafood Exporters and Producers (VASEP) calculated that in June alone, pangasius export turnover reached nearly 172 million USD (+20%). In the first 6 months of the year, the export turnover of this type of fish reached 918 million USD (+5%). Of which, China and Hong Kong (China) are large consumption markets with a turnover of 258 million USD.
Exports of “heavenly pearls” will increase sharply.
Also in the first half of July, the General Department of Customs said that Vietnam exported more than 290,000 tons of rice with a value of 177 million USD, up 15% in volume and 30% in value compared to the same period last year. The average rice export price also increased by 12% over the same period, reaching 612 USD/ton.
Not only recording positive signals in the first months of the year, rice export is also an industry that is forecast to flourish by the end of this year.
The Ministry of Agriculture and Rural Development estimates that by early July, localities had harvested about 388,000 hectares out of 1.46 million hectares of summer-autumn crop, with an estimated yield of 6.2 tons/ha. Abundant supply will be a driving force to promote rice exports in the coming time.
It is expected that the country’s rice production in 2024 will reach 43 million tons, with this output ensuring domestic consumption and export demand of about 8 million tons and possibly earning more than 5 billion USD.
Currently, the Philippines, Indonesia, Malaysia, and China are still the main consumer markets of Vietnamese rice.
The Ministry of Industry and Trade assessed that in the coming time, if India abolishes or loosens its rice export policy, the world rice price will be adjusted down. However, the demand for rice from other countries is still high, and Vietnam can still promote rice exports from now until the end of the year.
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