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Agricultural exports aim for a new record in 2024


Although it has only been the first 2 months of 2024, the prices of agricultural products on the world market have increased simultaneously. Vietnam’s total agricultural export turnover also recorded growth in most products. These are all positive signals from the market, signaling a new record year for Vietnam’s agricultural exports.

Significant success from the beginning of the year

According to the Report of the Center for Digital Transformation and Agricultural Statistics (Ministry of Agriculture and Rural Development), the estimated export value of agricultural, forestry and fishery products in January 2024 reached USD 5.15 billion, an increase of 79.2% compared to the same period in 2023. The export value of agricultural products to all markets also increased. Of which exports to the Americas reached USD 1.18 billion (up 93.6%); Africa USD 104 million (up 185.4%); Asia 2.52 billion USD (up 86.3%); Europe USD 532 million (up 38.2%) and Oceania USD 78 million (up 100.9%).

China continues to be the market importing the most Vietnamese agricultural products, accounting for 23%, an increase of 106.9%. The other two major markets for Vietnamese agricultural products are the United States, accounting for 20.8% (up 95.9%) and Japan, accounting for 7.4% (up 47.5%).

Also in January 2024, Vietnam imported USD 3.72 billion of agricultural products. Thereby, the value of agricultural trade surplus in the past month reached USD 1.43 billion, an increase of more than 4.6 times compared to the same period in 2023.

Notably, fruit and vegetable exports also continue to grow positively. It is estimated that Vietnam’s fruit and vegetable export value will increase by 24.9% compared to December 2023 and increase by 112.1% compared to January 2023. In particular, China continues to be Vietnam’s largest vegetable and fruit export market with an increase of 121% over the same period last year.

Based on analysis of favorable and unfavorable factors of the world and domestic economy, the Ministry of Agriculture and Rural Development has set an agricultural, forestry and fishery export target of USD 55 billion in 2024.

In particular, vegetables, fruits, and rice are key product groups that are forecast to grow strongly. Cassava, cashew, and pepper products are also increasing again. Especially according to analysis by experts, in the coffee industry, domestic and world prices are at the highest level ever. It is forecasted that coffee will set a record export turnover of USD 4.5 – 5 billion in 2024. Similarly, rice products are also expected to have a successful year, when signals from markets are quite positive. Since the beginning of 2024, rice export businesses have received many orders.

Thus, the prospect of the agricultural sector will have 3 products (excluding wood and forestry wood products) that can enter the USD 5-billion club in 2024, including vegetables, rice, and coffee.

Assessing the potential of the rising “star” – the fruit and vegetable industry in 2024, talking with Customs Magazine reporters, General Secretary of the Vietnam Fruit and Vegetable Association Dang Phuc Nguyen said that in 2024, the fruit and vegetable industry will Vietnam’s vegetables and fruits are forecast to grow about 15-20%, continuing to reach new peaks, possibly surpassing USD 6 billion, even reaching the 7 USD 7 billion mark. Because Vietnamese fruits and vegetables have huge resources, meanwhile, Vietnam’s vegetable and fruit export turnover only accounts for about 2-3% of the world’s total fruit and vegetable export turnover. “There is still a lot of room for this industry. The important thing is how to exploit those potentials well,” Mr. Dang Phuc Nguyen said.

Promote the “smart border gate” mechanism in goods circulation

The advantages are quite various, but difficulties and challenges are not absent, because according to Deputy Minister of Agriculture and Rural Development Phung Duc Tien, the strengths of deep processing and brand building have not been fully exploited as well as quality requirements are still barriers for Vietnamese agricultural products. Although Vietnamese agricultural products have changed in quality in recent times and many businesses have complied with import regulations, this is still a big challenge to maintain a strong and sustainable position in import markets.

“To promote the export of agricultural products and maintain a strong and sustainable position in import markets, the Ministry of Agriculture and Rural Development will work with businesses to monitor and manage the production process and issue area codes well, review criteria, meet standards from many major markets. The Ministry also analyzes the market to have specific strategies for each time and each industry, creating a breakthrough in agricultural export,” Deputy Minister Phung Duc Tien said.

Also according to Deputy Minister Phung Duc Tien, at the beginning of 2024, the entire industry has actively implemented solutions to boost production and business, especially promoting trade and consumption of agricultural products. Vietnamese agricultural products are increasingly expanding their market and international market share. China is one of Vietnam’s largest agricultural product import markets in 2024. Deputy Minister Phung Duc Tien said the agricultural industry will continue to effectively exploit this market. In particular, promote the “smart border gate” mechanism in goods circulation.

Along with maintaining traditional markets such as the United States, Japan, and the European Union (EU), in the future, the Ministry of Agriculture and Rural Development strives to open new markets with much potential. , especially Halal Muslim countries, Africa… At the same time, take advantage of new generation free trade agreements (FTAs), especially CPTPP and EVFTA to promote the export of key agricultural products. Accompany and support businesses to sign new export orders. Coordinate and support trademark and geographical indication protection for potential export products.

Source: Customs News

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