Market information

Agricultural, forestry and fishery exports in the first quarter of 2024: Coffee sets a record, rice and vegetables continue to increase sharply

Other agricultural products
27/06/2024 - Tỉnh Lâm Đồng

Total export turnover of agricultural, forestry and fishery products in the first 3 months of 2024 is estimated to reach 13.53 billion USD, up 21.8% over the same period last year. With this result, the entire agriculture, forestry and fishery industry has a trade surplus of 3.36 billion USD in the first quarter of 2024, an increase of 96.5% over the same period last year...


The agricultural sector is still a "pillar", contributing to the overall growth of the country's economy.
According to the newspaper of the Ministry of Agriculture and Rural Development, in the first quarter of 2024, the agricultural sector still achieved good growth; Productivity and output of many key products increased, ensuring sufficient supply of food and essential goods, contributing to the overall growth of the country's economy.

Accordingly, the growth rate of agricultural, forestry and fishery production value in the first quarter of 2024 is estimated to reach 2.9 - 3% compared to the same period in 2023 (of which crop production increases by 2.02%; livestock increases by 4.0%. 34%, fisheries increased 3.46%; forestry increased 4.11%).

AGRICULTURAL FORESTRY AND AQUACULTURE EXPORTS INCREASED 21.8%
In March 2024, agricultural, forestry and fishery export turnover is estimated to reach 4.85 billion USD, an increase of 6% compared to March 2023. Of which: main agricultural products reached 2.75 billion USD (up 31.1% compared to March 2023); Main forestry products reached 1.22 billion USD (down 0.3%), fisheries 653 million USD (down 14.6%), livestock reached 43.6 million USD (up 8.3%), production inputs reached 173 million USD (up 0.2%).

In the first 3 months of 2024, the export turnover of the entire agricultural, forestry and fishery industry reached 13.53 billion USD, an increase of 21.8% over the same period in 2023.

"Export of agriculture, forestry and fishery products in the first 3 months of 2024: Main agricultural products reach 7.46 billion USD, up 31.1%; forestry products reach 3.61 billion USD, up 18.8%; seafood 1.86 billion USD billion USD, up 1.9%; livestock 113 million USD, up 4.8%; production inputs 481 million USD, up 8.3% over the same period last year.

According to the Ministry of Agriculture and Rural Development.

By the end of March 2024, there were 4 products with an export value of over 1 billion USD: Wood 2.32 billion USD (up 26.8%); Vegetables and fruits 1.23 billion USD (up 25.8%); Rice 1.37 billion USD (up 40% with 2.07 million tons, up 12%); Coffee 1.9 billion USD (up 54.2% with 799 thousand tons, up 44.4%).

In the first 3 months of 2024, the average export price of some agricultural products increased compared to the same year last year, including: rice  reached 661 USD/ton, up 5%; Coffee reached 2,373 USD/ton, up 6.8%; rubber reached 1,462 USD/ton, up 5.1%; Pepper reached 4,153 USD/ton, an increase of 35.6%.

On the contrary, some items that decreased in export price were cashew nuts reaching 5,329 USD/ton, down 8.6%; tea reached 1,616 USD/ton, down 2.2%; Fertilizer reached 412 USD/ton, down 9.1%...

About the market: Exports to Asia reached 6.27 billion USD (up 16.6%); Americas 2.96 billion USD (up 27.2%); Europe 1.85 billion USD (up 34.8%); Oceania 188 million USD (up 22.9%) and Africa 192 million USD (up 21.6%).

China, the United States and Japan continue to be the three largest agricultural, forestry and fishery export markets of Vietnam. Of which, the export value to China accounted for 20.2%, an increase of 18.3%; The United States accounted for 19.9%, an increase of 28.3% and Japan accounted for 7%, an increase of 4.6%.

COFFEE, RICE, VEGETABLES GROW IMPRESSIVELY
Coffee has become the agricultural export product with the strongest growth in the first quarter of this year. In the first 3 months of 2024, Vietnam exported 799 thousand tons of coffee, earning 1.9 billion USD; increased by 44.45% in volume and 54.2% in value compared to the same period in 2023. Accordingly, coffee export turnover set a historical record when it nearly reached 2 billion USD after only 3 months.

Notably, the price of exported coffee increased sharply, with an average of 3 months reaching 2,373 USD/ton. Regarding types, Vietnam increased exports of Robusta and Arabica coffee, but decreased exports of Excelsa and processed coffee. Regarding the market, promote the export of Robusta coffee to many markets, such as Italy, Spain, Russia, Indonesia, Belgium, China, Philippines...

Rice exports also grew impressively, with an export volume of 2.07 million tons and a turnover of 1.37 billion USD; increased by 12% in volume and 40% in turnover compared to the first 3 months of 2023. Vietnam continues to be one of the three leading rice exporting countries in the world, accounting for about 15% of total global rice exports, next to India and Thailand.

"Coffee is currently the product with the second highest export turnover in the agricultural sector, second only to the wood products group, and surpassing seafood. With this situation, it is forecast that coffee exports for the whole year 2024 will set a record of 5 - 5.5 billion USD".

According to the Ministry of Agriculture and Rural Development.

The world rice market is continuing to be affected by many factors such as rice export bans in some countries. Notably, Russia announced its withdrawal from the Black Sea Grain Agreement; Unfavorable weather negatively affects food production in many countries... affecting rice production and export activities of countries. Meanwhile, India's rice export ban and the increase in rice imports from China and Indonesia are still creating more opportunities for Vietnam's rice exports.

The Philippines is the largest consumer market of Vietnam's rice industry. Currently, Vietnamese rice accounts for 85% of the Philippines' total rice imports.

Indonesia is the second largest rice importer from Vietnam. Currently, Indonesia is experiencing 9 consecutive months of rice deficit due to domestic production falling short of demand. The retail price of rice in the market for high-quality rice is up to 1.16 USD/kg, exceeding the ceiling price set by the Government of 0.9 USD/kg.

Faced with this situation, price experts recommend that Vietnamese rice exporters need to closely monitor market information and take advantage of opportunities to export rice to the Philippines and Indonesia markets.

However, rice export businesses also need to diversify rice export products, not only focusing on high quality rice products to serve high-income earners, but also need to exploit the potential of medium quality rice to serve a large number of middle and low income people.

For the vegetable industry, in March 2024 export turnover reached 433 million USD. Cumulatively in the first 3 months of 2024, fruit and vegetable export turnover reached 1.23 billion USD, up 25.8% over the same period last year.

With positive signals from the market, the Ministry of Agriculture and Rural Development forecasts that in 2024 the fruit and vegetable industry will continue to receive new records of 6-6.5 billion USD; growth at 15-20% compared to 2023. China will continue to be a potential market for Vietnamese fruit and vegetable products because of its geographical advantages and many similarities in culinary culture.

It is expected that in the coming time, there will be 4 more products officially exported to China, including: Medicinal herbs, coconuts, frozen fruits and watermelons. Vietnam's fruit and vegetable export turnover only accounts for about 2-3% of the total world fruit and vegetable export turnover. This means that the potential for this industry is very large.

Regarding agricultural product quality management and food safety. The Ministry of Agriculture and Rural Development said that in the first quarter of 2024, the rate of monitored agricultural, forestry and fishery food samples met the requirements of 99.6%, an increase of 2.1% over the same period last year. In the coming time, the Ministry will continue to implement the Plan to ensure food quality and safety, increase processing and develop the market by 2024.

In April 2024, the Ministry will organize a Conference to implement the Plan; Urge localities to strictly implement the Directive on strengthening food safety control in seafood production and trading for domestic consumption and export. On the other hand, documents will be completed and submitted to the Prime Minister for the Project "Developing a logistics system to improve the quality and competitiveness of Vietnamese agricultural products by 2030, with a vision to 2050".

"Source: vneconomy.vn"

Rice
Output: 2
Crop: Quý 1/2024
Tỉnh Lâm Đồng
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