Agricultural product exports expect boom at end of the year

Saturday, 04/11/2023 10:21
(CPV) - Not only vegetables, but many agricultural products such as rice, coffee, and cashew nuts reached new records in exports, according to the Ministry of Agriculture and Rural Development.

Experts forecast that if the country makes good use of trade agreements, rice export turnover this year will likely reach over 4 billion USD while vegetable and fruit export turnover will possibly hit more than 5 billion USD.

Rice prices at the highest level in the world

In the first 9 months of the years, rice exports were valued at 3.66 billion USD, a year-on-year increase of 40.4%. Vietnam’s export rice price hit 11-year record high and reached the highest level in the world. On average, rice price reached 542 USD per ton, a year-on-year rise of 11.5%.

Regarding export markets, the Philippines still ranked first in the largest markets of Vietnamese rice, accounting for 40.3% of total rice for exports; followed by China (13.5%); and Indonesia (12.4%). In addition, the EU (Poland, the Netherlands, Spain, and Belgium) and Africa (Ghana and Angola) also recorded positive growth.

Vegetable and fruit exports saw sharp growth.  

The Vietnam Food Association (VFA) commented that the fall-winter rice harvest has just begun, so the export market will continue to be favorable in the last 3 months of the year and export output will exceed 7.5 million tons.

In addition, until the end of the year, the rice market will prosper as Indonesia has just announced the opening of bids for 300,000 tons of 5% broken white rice from Vietnam, Thailand, Pakistan and Cambodia. The Philippines has just sent delegations to negotiate to buy rice from Vietnam when the country’s demand is still high.

According to forecasts, if the current growth momentum continues, Vietnam's rice exports will break the old record in volume, turnover and average price by the end of 2023. Accordingly, Vietnam's rice export turnover will hit 4 billion USD, the highest milestone in the past 10 years.

Vegetables, fruits and coffee maintain impressive growth momentum

Some other agricultural products such as vegetables, fruit and coffee are breaking export records as exports of coffee, cashew nuts, and livestock products grew by 2-26%, respectively compared to the same period last year.

Specifically, as of September 15, the country exported 1.2 million tons of coffee, down over 5%, worth more than 3 billion USD, up 5%. Notably, Vietnam’s export coffee price enjoyed a record level in 30 years when the eight-month average price reached 2,463 USD per ton, a year-on-year rise of 8.9%.

According to the Vietnam Coffee-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% due to unfavorable weather. However, export coffee volume is forecast to reach about 1.7 million tons in 2023, worth 4.2 billion USD, marking the highest-ever level.

Another billion-dollar export product that will be a highlight of the year is cashew nuts. As of September 15, cashew exports reached nearly 421,000 tons, an increase of about 15%, valued at 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.

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, year-on-year rise of nearly 72%. Vietnamese fruit and vegetable products are mainly exported to China, the US, the Republic of Korea, Japan, and the Netherlands.

With the current export momentum of fruit and vegetable, the target of 5 billion USD in turnover for the whole year is not too far away. However, in the hot growth process of many products, especially fruit, maintaining quality and ensuring food safety and hygiene are very important to determine the reputation and value of the entire industry./.