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 USD 1.9 billion; 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 nearly reached USD 2 billion after only 3 months.

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

Rice exports also gained impressive growth, with an export volume of 2.07 million tons and a turnover of USD 1.37 billion; 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.

The world rice market is continuing to be affected by many factors such as rice export bans in several countries. Notably, Russia announced its withdrawal from the Black Sea Grain Initiative; unfavorable weather negatively affecting food output in many countries, etc. have affected rice production and export activities of countries. Meanwhile, India's rice export ban and the increase in rice imports by 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, Vietnam’s 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 shortage due to domestic production falling short of demand. The retail price of rice in the market for high-quality rice is up to USD 1.16/kg, exceeding the ceiling price set by the Government of USD 0.9/kg.

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

Kylie Nguyen