Looking back at 2023, Mr. Nguyen Van Viet, Head of the Planning Department (Ministry of Agriculture and Rural Development), commented: agricultural, forestry, and aquatic exports in 2023 reached 53.01 billion USD, lower than the target of 54 billion USD set at the beginning of the year. Despite not achieving the target, the trade surplus set a record at 12.07 billion USD, a 43.7% increase compared to 2022, accounting for over 42.5% of the country’s trade surplus. Within which, the agricultural sector made an impressive contribution, especially from vegetables and rice…
Based on the analysis of favorable factors such as the newly signed charter with China, upgraded customs infrastructure at border gates, the Ministry of Agriculture and Rural Development has set a target of 55 billion USD for agricultural, forestry, and aquatic exports in 2024.
IMPRESSIVE AGRICULTURAL EXPORTS
In addition to vegetables and rice, some other agricultural products also experienced high growth, such as cashew nuts reaching 3.63 billion USD, an increase of 17.6%; coffee reaching 4.18 billion USD, a 3.1% increase… These results have brought the total export value of the agricultural sector in 2023 to 26.4 billion USD, an increase of over 17% compared to 2022.
Agricultural exports in 2023 reached a record-breaking figure of 5.69 billion USD, a 69.2% increase compared to 2022, and became the first agricultural product to exceed the 5 billion USD mark. Rice exports also set a record at 4.78 billion USD, a 38.4% increase compared to 2022.
While the agricultural sector has shown impressive growth, the fisheries and forestry sectors have disappointed with a decline in export value. Specifically, estimated fisheries exports in 2023 reached 9.1 billion USD, a 18% decrease compared to 2022; within which, shrimp exports are estimated to reach about 3.42 billion USD, a 21% decrease; tra fish exports estimated at 1.82 billion USD, a 25% decrease; tuna exports reaching 850 million USD, a 15% decrease; squid and octopus exports estimated at 660 million USD, a 14% decrease compared to 2022…
In terms of export markets for agricultural, forestry, and aquatic products in 2023, Asian markets increased by 6.8%; the Americas decreased by 17.7%; Europe decreased by 12.5%; Africa increased by 21.7%; Oceania decreased by 13.5%. Considering the markets by country, exports to China ranked the highest, accounting for 23.2%, an 18% increase; the United States ranked second, accounting for 21%, a 17.9% decrease, and Japan ranked third, accounting for 7.3%, a 9.1% decrease compared to the previous year.
OPPORTUNITIES FOR ACCELERATION IN 2024
In 2024, despite facing difficulties, experts believe that agricultural, forestry, and aquatic exports will recover and grow. The decline in 2023 can be seen as an “adjustment” year to create momentum for growth in the following year.
This assessment is grounded, as by the end of 2023, seafood exports have regained positive growth momentum, with significantly higher levels compared to the same period last year. In particular, tra fish exports are showing more optimistic signs in certain markets such as China, Mexico, Canada, Brazil, the United Kingdom… In addition to the main products such as frozen tra fish, secondary products such as dried tra fish bubbles, tra fish sausage… are gaining attention from many markets (United States, China, Malaysia, Singapore).
The export target for 2023, vegetables and fruits will aim for the 6-7 billion USD mark, rice will strive to exceed 5 billion USD, and shrimp will strive to regain the 4 billion USD mark.
Ms. Le Hang, Director of Communications of the Vietnam Association of Seafood Exporters and Producers (VASEP), stated that many markets such as the EU, Thailand, Israel, Mexico, Russia, South Korea, the Philippines, Japan… are showing a tendency to increase imports of Vietnamese tuna. Products such as steamed tuna and canned tuna have better demand compared to frozen fillet, cut piece…
Along with seafood, many agricultural products are also forecasted to have strong growth in 2024, such as: coffee, rice, vegetables, and shrimp…
Cassava, cashews, and pepper are also “shining” again. Especially with the coffee sector, domestic and international prices are currently at their highest levels ever.
With the market advantages, coffee exports are expected to reach a record of 4.5 – 5 billion USD in 2024. Hence, the agricultural sector’s prospects will have 3 products (excluding timber and timber products belonging to the forestry sector) that can enter the 5 billion USD club in 2024, including vegetables and fruits, rice, and coffee. In addition, the shrimp industry will also achieve this mark in the future…
The full content of the article is published in the Vietnam Economic Magazine No. 7+8-2024 issued on 12-25/02/2024. We invite readers to find more details at
https://postenp.phaha.vn/chi-tiet-toa-soan/tap-chi-kinh-te-viet-nam
