Despite the fact that 2024 has only just begun, the cost of agricultural products has gone up on the global market at the same time. The majority of products in Vietnam's total agricultural export turnover saw growth as well. All of these market indicators point to a new high for Vietnam's agricultural exports this year.
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Significant success from the beginning of the year
The Ministry of Agriculture and Rural Development's Report from the Center for Digital Transformation and Agricultural Statistics states that as of January 2024, the estimated export value of goods related to forestry, agriculture, and fisheries was USD 5.15 billion, a 79.2% increase over the same period in 2023. Agricultural products' export value to all markets rose as well. Among which, exports to the Americas totaled USD 1.18 billion (up 93.6%); Africa, USD 104 million (up 185.4%); Asia, USD 2.52 billion (up 86.3%); Europe, USD 532 million (up 38.2%); and Oceania, USD 78 million (up 100.9%).
At 23%, up 106.9% from the previous year, China remains the market that imports the most Vietnamese agricultural products. Japan accounts for 7.4% (up 47.5%) and the United States accounts for 20.8% (up 95.9%) of the other two main markets for Vietnamese agricultural products.
Vietnam imported $3.72 billion worth of agricultural goods in January 2024. As a result, the value of the agricultural trade surplus increased by more than 4.6 times in the last month to USD 1.43 billion when compared to the same period in 2023.
Growth In Vietnamese Agro-Exports
Interestingly, exports of fruits and vegetables are still increasing. Vietnam's fruit and vegetable export value is expected to rise by 24.9% in comparison to December 23 and 112.1% in comparison to January 23. In particular, China remains Vietnam's largest vegetable and fruit export market, with a 121% increase over the same period last year.
The Ministry of Agriculture and Rural Development has set an export goal of USD 55 billion for agriculture, forestry, and fisheries in 2024 based on an analysis of both domestic and global economic favorable and unfavorable factors.
Specifically, key product groups with strong growth forecasts are vegetables, fruits, and rice. Products made from cashew, cassava, and pepper are also rising once more. A prosperous year for rice products is also anticipated, given the favourable signals coming from the markets. Many orders have been placed with rice export companies since the start of 2024.
As a result, three products from the agricultural sector—vegetables, rice, and coffee—have the potential to reach the USD 5-billion club in 2024 (apart from wood and forestry wood products).
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