Coffee is the product with the strongest growth in the first quarter of this year. Coffee export reached 799,000 tonnes worth $1.9 billion in the first quarter, rising by 44.45 percent in volume and 54.2 percent in value over the same period last year, setting a new record for three-month coffee export value.
Vietnam’s agricultural, forestry, and fishery sectors run a trade surplus nearly doubling the figure of the same period last year, on robust exports of major products such as coffee, rice, and fruits.
The latest updates of the Ministry of Agriculture and Rural Development showed that the agricultural, forestry, and fishery exports totaled $13.53 billion, an increase of 21.8 percent over the same period last year, while imports reached $10.18 billion, meaning a surplus of $3.36 billion, an increase of 96.5 percent.
Four major export products with an export value of more than $1 billion included wood with a turnover of $2.32 billion, up 26.8 percent; fruits and vegetables $1.23 billion, up 25.8 percent; rice $1.37 billion, up 40 percent; and coffee $1.9 billion, up 54.2 percent.
Average export prices of major agricultural products see strong increases in the first quarter such as rice up by 5 percent to $661 per tonne, coffee up 6.8 percent to $2,373 per tonne, rubber by 5.1 percent to $1,462 per tonne, and pepper up 35.6 percent to $4.153 per tonne.
Still, some products see drops in export prices such as cashew down 8.6 percent to $5,329 per tonne, tea down 2.2 percent to $1,616 per tonne and fertilizer down $9.1 percent to $412 per tonne.
China is the largest export market of Vietnam, accounting for 20.2 percent of the country’s export value and seeing an increase of 18.3 percent, followed by the US with a share of 19.9 percent and an increase of 28.3 percent, and Japan with a share of 7 percent and an increase of 4.6 percent.
Impressive increases
Coffee is the product with the strongest growth in the first quarter of this year.
Coffee export reached 799,000 tonnes worth $1.9 billion in the first quarter, rising by 44.45 percent in volume and 54.2 percent in value over the same period last year, setting a new record for three-month coffee export value.
Vietnam has increased exports of Robusta and Arabica while reducing Excelsa.
Vietnamese coffee is exported to several markets including Italy, Spain, Russia, Indonesia, Belgium, China, and the Philippines.
Coffee is the second largest agricultural export product, just coming after wood products, in the first quarter of this year, according to the ministry, which expects coffee exports will hit a new record of $5-5.5 billion for the full year.
Rice export is also impressive.
With an export volume of $2.07 million tonnes and a value of $1.37 billion, up 12 percent and 40 percent, respectively, Vietnam continues to be one of the three biggest rice exporters in the world, accounting for 15 percent of the global rice export, besides India and Thailand.
The global rice market has been significantly impacted by the ban on export by some countries, Russia’s withdrawal from the Black Sea Grain Initiative, and dropping output due to unfavorable weather conditions.
The ministry pointed out that India’s ban on rice export coupled with increasing demand from China and Indonesia are creating opportunities for Vietnam’s rice.
The Philippines is the largest rice export market of Vietnam, accounting for 85 percent of the country’s total rice export, followed by Indonesia.
Fruit and vegetable exports soared by 25.8 percent to $1.23 billion in the first quarter.
The agriculture ministry forecast a new record for fruit and vegetable export this year, at $6-6.5 billion.
China is a huge market for Vietnam’s agricultural products.
Four products are going to be exported officially to China, including medicinal herbs, coconuts, frozen fruits, and watermelons.
The ministry said that huge opportunities remain for Vietnam to promote the export of agricultural products, which now account for just 2-3 percent of the global export value.
(VNS)