The Ministry of Agriculture and Rural Development’s recent report reveals that the export turnover of agricultural, forestry, and aquatic products in July 2024 is estimated to reach $5.11 billion, a significant increase of 18.2% compared to the same period in 2023. This includes exports of $2.45 billion for key agricultural products, $1.46 billion for forestry products, $880 million for aquatic products, and $48 million for livestock products.
THE PEPPER INDUSTRY IS MAKING A COMEBACK TO THE “BILLION-DOLLAR CLUB”
For the first seven months of 2024, the total export turnover of agricultural, forestry, and aquatic products reached $34.27 billion, an increase of 18.8% compared to the same period in 2023. Agricultural products contributed $18.21 billion, up 23.4%; forestry products, $9.41 billion, up 21.1%; aquatic products, $5.29 billion, up 7.3%; and livestock products, $288 million, up 4.8%. Meanwhile, the input for production reached $1.07 billion, a decrease of 4.2%.
Several commodities witnessed high export values during this period compared to the previous year, including wood and wooden products at $8.78 billion, up 21.9%; coffee at $3.54 billion, up 30.9% with a volume of 964,000 tons; rice at $3.27 billion, up 25.1% with a volume of 5.18 million tons; cashew nuts at $2.37 billion, up 22.1% with a volume of 424,000 tons; fruits and vegetables at $3.83 billion, up 24.3%; shrimp at $2 billion, up 7.5%; and tra fish at $1.02 billion, up 7.1%.
Notably, the pepper industry is making a comeback to the “billion-dollar club” after several years of absence. In the first seven months of 2024, exports of various peppercorns reached approximately 162,000 tons, earning $746 million. Although the export volume decreased by 7% compared to the same period last year, the high export prices led to a remarkable increase in turnover of over 30%. The average export price of peppercorns reached $4,604 per ton, a 23% increase compared to the previous year.
According to Mr. Hoang Phuoc Binh, Vice President of the Chư Sê Pepper Association in Gia Lai, during the 2023-2024 crop year, domestic peppercorn prices peaked at VND 180,000/kg. Some places even saw prices surge to VND 200,000-210,000/kg, surpassing the record high of 2016, but only briefly due to urgent export orders. Currently, peppercorn prices are fluctuating.
On July 31, 2024, the domestic peppercorn price at the gardens was purchased by traders at VND 148,000-150,000/kg. However, the overall trend indicates a potential for further price increases.
“The reason for the high peppercorn prices is the limited supply in Vietnam due to reduced production in the 2023-2024 crop year. With this high growth rate and export prices remaining high due to low supply and high demand, it is likely that Vietnam’s peppercorn exports for the whole year will reach over $1 billion,” said Mr. Binh.
Among the key export commodities, coffee also stands out with its impressive growth. In July 2024, Vietnam exported 62,000 tons of coffee, earning $340 million. In the first seven months of 2024, the country exported 964,000 tons of coffee, with a turnover of $3.54 billion, a decrease of 13.8% in volume but a remarkable increase of 30.9% in turnover compared to the same period last year.
In July, coffee prices in the Central Highlands continuously broke records, surpassing VND 120,000/kg and even reaching VND 130,000/kg at some points. Compared to the same period last year, coffee prices have doubled.
COFFEE AND FRUIT AND VEGETABLE EXPORTS CONTINUE THEIR IMPRESSIVE GROWTH
According to the Vietnam Coffee and Cocoa Association, in the first eight months of the 2023-2024 crop year (from October 2023 to July 2024), Vietnam exported nearly 1.32 million tons of coffee, an 11% decrease compared to the same period in the 2022-2023 crop year. This exported volume accounts for 86% of the 2023-2024 crop year’s output.
Therefore, according to calculations by the Vietnam Coffee and Cocoa Association, Vietnam currently has about 148,000 tons of coffee left for export in the last two months of the 2023-2024 crop year (from August to September) before the new crop starts in October. The coffee export supply is now dependent on the new harvest, and it is predicted that coffee exports for the entire year may set a record of $5.5-6 billion…
This article was published in the Vietnam Economic Magazine, Issue 32-2024, released on August 5, 2024. Please visit the following link to read the full article: https://postenp.phaha.vn/chi-tiet-toa-soan/tap-chi-kinh-te-viet-nam
