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Agricultural and Forestry Exports of Vietnam in the First Five Months of 2024: Positive Signals

Agricultural and Forestry Exports in Vietnam

Agricultural and Forestry Exports of Vietnam in the First Five Months of 2024: Positive Signals

Agricultural and Forestry Exports of Vietnam in the first five months of 2024 has shown many positive signals. During this period, Vietnam’s export turnover for these goods reached 24.14 billion USD, a 21% increase compared to the same period last year, corresponding to a rise of 4.2 billion USD. This positive sign reflects the strong development of various agricultural and forestry commodities in Vietnam.

Agricultural and Forestry Exports in Vietnam
Agricultural and Forestry Exports in Vietnam

Impressive Growth in Agricultural and Forestry Exports

According to the Ministry of Agriculture and Rural Development’s report, the export turnover of agricultural and forestry products in May 2024 reached 5.06 billion USD, up 11.2% compared to May 2023. Specifically:

  • Major agricultural products: Reached 2.73 billion USD, an increase of 14.3%
  • Forestry products: Reached 1.35 billion USD, an increase of 17.9%
  • Livestock products: Reached 45.8 million USD, an increase of 10.2%

In total, for the first five months of 2024, the export turnover of agricultural and forestry products reached 24.14 billion USD, a 21% increase compared to the same period last year, detailed as follows:

  • Agricultural products: Reached 13.11 billion USD, an increase of 27.7%
  • Forestry products: Reached 6.58 billion USD, an increase of 22.7%
  • Livestock products: Reached 199 million USD, an increase of 5.6%

Thanks to this increase, the agricultural and forestry sector achieved a trade surplus of 6.53 billion USD in the first five months, a 64.5% increase compared to the same period last year.

Analysis and Comparison

This growth indicates that Vietnam’s agricultural and forestry sector is recovering and developing robustly after the challenges posed by the COVID-19 pandemic. The significant growth in agricultural and forestry product groups has contributed substantially to the total export turnover. Compared to the same period last year, key commodities such as coffee, rice, and wood products have seen impressive growth.

Major Export Markets

Vietnam’s major export markets, such as the United States, China, and Japan, continue to record impressive growth:

  • United States: Agricultural and forestry export value reached 20.6% of total turnover, an increase of 23.9%
  • China: Reached 19.2% of total turnover, an increase of 8.6%
  • Japan: Reached 6.7% of total turnover, an increase of 6.6%

Additionally, exports to other regions also show strong development:

  • Asia: Reached 11.31 billion USD, an increase of 17.5%
  • Americas: Reached 5.4 billion USD, an increase of 23.1%
  • Europe: Reached 3.2 billion USD, an increase of 39.4%
  • Africa: Reached 459 million USD, an increase of 26.1%
  • Oceania: Reached 341 million USD, an increase of 24.8%
Agricultural and Forestry Exports in Vietnam
Agricultural and Forestry Exports in Vietnam

Comparison with the Same Period Last Year

Compared to the same period in 2023, all major export markets for Vietnam have shown growth. Particularly, the European market has increased by 39.4%, indicating significant potential for Vietnamese agricultural and forestry products. The United States and China continue to be the largest export markets, accounting for nearly 40% of the total export turnover.

Key Export Commodities

Key agricultural and forestry commodities have all recorded growth in export value compared to the same period last year, indicating that the diversity and quality of Vietnamese agricultural products are increasingly recognized in the international market:

  • Coffee: Exported 2.9 billion USD in the first five months, up 44.1% compared to the same period last year. This impressive growth is due to the average coffee price reaching 3,482 USD/ton, up 49.9%.
  • Rice: In the first five months, Vietnam exported 4.15 million tons of rice, valued at 2.65 billion USD, an increase of 14.7% in quantity and 38.2% in value compared to the same period last year. The average export price of rice reached 638 USD/ton, an increase of 20.5%.
  • Wood and wood products: Exported 6.14 billion USD, up 28.1% compared to the same period last year. Many enterprises have orders until August, and some have even received orders until the end of 2024.
  • Cashew nuts: Exported 288 thousand tons of processed cashew nuts, valued at 1.55 billion USD, an increase of 30.6% in quantity and 19.3% in value compared to the same period last year.
  • Fruits and vegetables: Exported 2.59 billion USD, up 28.1% compared to the same period last year. However, due to the harvest season, the prices of many fruits domestically are decreasing: Durian Ri6 down 37,500 VND/kg, red dragon fruit down 4,643 VND/kg.

Challenges and Proposed Solutions

Despite the positive results, Vietnam’s agricultural sector still faces several challenges. Some enterprises have signed rice export contracts at prices lower than the market price, raising concerns about the negative impact on rice exports and farmers’ profits. This requires close monitoring and corrective measures from management agencies, as well as the proposal to establish a rice trading floor to ensure market transparency, even considering applying a floor price for rice exports as before.

Conclusion

Vietnam’s agricultural and forestry exports in the first five months of 2024 have achieved remarkable results, with strong growth in many key commodity groups. This not only enhances export value but also confirms the position of Vietnamese agricultural products in the international market. However, to maintain growth momentum and protect farmers’ interests, appropriate management and support measures from relevant agencies are necessary.

The increase in export turnover is not only the result of market expansion but also the outcome of improving product quality and optimizing production processes. Compared to previous years, Vietnamese agricultural products are increasingly affirming their position and quality in the international market, opening up many opportunities and sustainable development prospects in the future.

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