Agricultural Exports Maintain Growth in the First Half of 2024
[Update July 23rd, 2024] The recent data indicates that in the first half of 2024, the total export revenue of agricultural products was 29.2 billion USD. Most field groups, particularly in key crops like rice, fruit, pepper, cashew nuts, etc… show positive growth. This post indicates Vietnam’s data on agricultural exports in the 6 months of 2024, especially 2 spotlight products: rice and coffee beans.
Vietnam’s Agricultural exports data in 6 months of 2024
Vietnam’s economy has always been brighter in recent years thanks to its amazing growth rate in agricultural exports. Vietnam has an abundance of agricultural resources and the ability to export goods. Nonetheless, there are several challenges to exporting agricultural products, including international competition, a short harvest season, and rapidly spoiling fresh goods.
The total export revenue of agricultural products in the first half of 2024 was 29.2 billion USD, according to figures from the Ministry of Agriculture and Rural Development. Compared to the same period in 2023, there had been a 19% increase. Interestingly, most groups are growing positively across all sectors. The findings are influenced by seven product categories whose export value exceeds $1 billion USD.
In particular, rice came in at 2.98 billion USD, vegetables at 3.43 billion USD, coffee at 3.22 billion USD, and rubber at 1.1 billion USD. Wood products reached 4.99 billion USD, while shrimp reached 1.63 billion USD. Cashew nuts reached 330.3 thousand tons, a 17.4% increase in value; pepper reached 238.2 thousand tons, a 2.3% increase.
Rice and coffee beans exports growth
For the first half of the year, on average, rice prices are high. In comparison to the average for the same period last year, 2024 increases by 20.41%. Over the first half of 2024, the average rice export price index has increased by 18.33% compared to the same period in 2023. Experts expected rice exports to reach 4.68 million tons with a turnover of 2.98 billion USD, an increase of 10,000 tons. Up to 32% in value but only 4% in volume.
Regarding coffee products, the export value increased to $34.6 billion USD (34.6%). However, the volume reached 902,000 tons (down 10.5%) due to an increase in the average export price of 50.4%. In history, reaching a turnover of more than 3 billion USD in just six months is unprecedented. This figure also represents the total amount of coffee exported in 2021 across all varieties.
Currently, Vietnamese coffee is ordered in more than 70 nations and territories worldwide. With the exception of China, Vietnamese coffee exports to the majority of established and prospective markets fell in May 2024. Vietnam had cut back on coffee exports to the US, Russia, Germany, Italy, and other nations by June 15. Conversely, boost exports to countries like China, Japan, the Philippines, Indonesia, Spain, and the Netherlands.
Havigo Company Limited operates in the field of agricultural export. We wish to bring high-quality Vietnamese agricultural products such as spices, rice, beans, and fruits… to the world. We supply you with high-quality products at the best price. If you find interest in importing Agricultural Products, please contact us for better support via WhatsApp: +84 979 58 58 56.