Agricultural exports in 2024 to exceed 60 billion USD?

The average export price of coffee in the first 11 months of 2024 is estimated at 4,037 USD/ton, up 56.9% over the same period in 2023. Illustration: Nestlé Vietnam

Continuously breaking records

According to a report by the Ministry of Agriculture and Rural Development, the export turnover of agricultural, forestry and fishery products in November 2024 is estimated at 5.3 billion USD, up 13.9% over November 2023. Notably, not only did the agricultural sector "reach the finish line" early, it also exceeded the annual plan by over 1 billion USD.

By commodity, Vietnam has 7 agricultural, forestry and fishery products with a trade surplus of over 1 billion USD, including: wood and wood products with a surplus of 12.11 billion USD, up 19.4% over the same period last year; vegetables and fruits with 4.56 billion USD, up 33.9%; coffee with 4.53 billion USD, up 30.5%; rice with 4.07 billion USD, up 14.6%; shrimp with 3.19 billion USD, up 20.5%; pangasius with 1.72 billion USD, up 10.1%; pepper with a surplus of 1.07 billion USD, up 43.5%.

Among the bright spots in agricultural product consumption in 2024, it is impossible not to mention the record of the fruit and vegetable industry with an export turnover in 11 months that far exceeded the whole year of 2023, reaching 6.66 billion USD, an increase of 28.2% over the same period in 2023. It is forecasted that in the whole year of 2024, fruits and vegetables will bring in about 7.2 billion USD with a trade surplus of more than 4.5 billion USD, contributing greatly to the trade balance of the whole industry.

Besides fruits and vegetables, rice is also a major contributor to the "picture" of the agricultural sector in 2024. In the first 11 months of 2024, rice exports reached nearly 8.5 million tons with a turnover of 5.31 billion USD, an increase of 10.6% in volume; increased by 22.4% in value compared to the same period in 2023 and higher than the total turnover in 2023. The Philippines is Vietnam's largest rice consumer market, followed by Indonesia and Malaysia. The average export price of rice in the first 11 months of 2024 in Vietnam is estimated at 627.9 USD/ton, up 10.6% over the same period in 2023. Notably, in 2024, Vietnam's export price of rice is almost always the highest in the world, surpassing major exporting countries such as Thailand, India and Pakistan.

Following rice, in the first 11 months of 2024, although coffee exports decreased in volume, they increased by 32.8% in value compared to the same period in 2023, reaching nearly 1.2 million tons with a turnover of 4.84 billion USD. The average export price of coffee in the first 11 months of 2024 is estimated at 4,037 USD/ton, up 56.9% over the same period in 2023. Domestic coffee prices are also often high, reaching nearly 150,000 VND/kg at the highest point.

In addition, cashew nuts, pepper, seafood, etc. also recorded high growth in 2024.

Gradually approaching a new record

By region, Asia is the largest export market for Vietnam's agricultural, forestry and fishery products with a market share of 48.2%. The next two largest markets are the Americas and Europe with market shares of 23.7% and 11.3%, respectively.

In the 11 months of 2024, agricultural, forestry and fishery exports to the European market grew the highest, up to 30.4%, followed by the US market with an increase of 24.6%, China with an increase of 11% and Japan with an increase of 5.5%.

With the above results, the export turnover has exceeded the target of 54 - 55 billion USD for the whole year of 2024 and the agricultural sector is confident to aim for a new record of 60 billion USD.

Assessing the above results, Mr. Phung Duc Tien, Deputy Minister of Agriculture and Rural Development, said that up to now, agricultural, forestry and fishery exports have reached a very important milestone, approaching 57 billion USD. If the export value in December reaches over 5 billion USD, Vietnam will surpass the mark of over 61 billion USD. China and the US continue to be two large markets, playing a key role in Vietnam's agricultural, forestry and fishery export turnover. Of which, the United States is the largest export market for agricultural, forestry and fishery products of Vietnam with a market share of 21.7%, and China with a market share of 21.6%.

The Deputy Minister of Agriculture and Rural Development also affirmed that this result not only contributes to GDP growth but also supports stabilizing the consumer price index (CPI), ensuring social security and developing the rural economy.

"The industry's trade surplus value increased sharply mainly thanks to the trade surplus of wood and wood products of up to 12.11 billion USD. The promotion of signing official export protocols with China helped the fruit and vegetable industry achieve a trade surplus of more than 4.5 billion USD after 11 months. Every year, the trade surplus of agricultural products often accounts for 65-72% of the entire economic sector. This proves that the potential advantages of agriculture have been and are being unlocked. This is also the foundation for us to reach the finish line with a larger export scale and rate by 2025," Deputy Minister Phung Duc Tien affirmed.