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Four agricultural product groups brought in USD 13 billion

26/08/2024

Exports of the 4 agricultural product groups have made a breakthrough since the beginning of the year, number of orders have increased, therefore, after 7 months from the beginning of 2024, have contributed up to USD 13 billion in export value.

Four groups of agricultural products, comprising rice, cashew nuts, coffee and vegetables, brought in USD 13 billion after 7 months from the beginning of 2024, in which leading in sales were vegetables and fruits, with approximately USD 3.83 billion, an increase of 24.3%; followed by coffee with USD 3.54 billion, an increase of 30.9%; rice with USD 3.27 billion, an increase of 25.1% and cashew nuts with USD 2.37 billion, an increase of 22.1% over the same period.

Except for the average export price of cashew nuts, which decreased by 3.3%, the prices of the remaining items increased significantly. Accordingly, the average export price of Vietnamese rice in the past 7 months reached USD 632.2/ton, an increase of 18.2% over the same period.

Most impressively, the average export price of Vietnamese coffee reached 3,683 USD/ton, an increase of 52.3% over the same period in 2023.

With regard to fruits and vegetables, the double-digit export growth rate in the first 7 months of this year shows that the quality of Vietnamese fruits and vegetables is increasingly improving, meeting the requirements of export markets.

For cashew nuts, exports to traditional and potential markets all gained positive growth compared to the same period last year. Of which, cashew nut exports to 9/10 traditional markets recorded double-digit growth.

The Ministry of Industry and Trade estimates that from now until the end of the year, the four groups of products mentioned above will have a wide open door for increased exports. As for fruits and vegetables, in addition to taking advantages in the traditional Chinese market, this industry has the opportunity

Because frozen durian is a new product with higher added value than fresh durian, it is expected that frozen durian exports can reach an export turnover of USD 400-500 million in 2024, the first year after signing the protocol.

As for coffee, it is forecasted that short-term exports will gradually decrease due to depleted supplies, but in the long term, coffee exports will recover when the 2024/2025 coffee harvest begins and consumption demand increases during the year-end holiday season.

It is predicted that by taking advantage of export opportunities in the remaining months, these four groups of goods can bring in from USD 22 to 23.5 billion.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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