Agricultural export surplus in the first three months of 2024 nearly doubled over the same period

Vietnam's total production value for the agricultural, forestry, and aquaculture sectors in the first quarter of 2024 is estimated to increase by 2.9 to 3% compared to that of same period in 2023, with crop production value increasing by 2.02%, livestock production by 4.34%, aquaculture production by 3.46%, and forestry production by 4.11%.

The export turnover of Vietnamese agricultural, forestry, and aquaculture products reached 4.85 billion USD in March 2024, which is an increase of 6% compared to that of the same period in 2023. Consequently, Vietnam's total export turnover reached 13.53 billion USD in the first three months of 2024, with agricultural products reaching 7.46 billion USD, marking an increase of 31.1%; forestry products reaching 3.61 billion USD, marking an increase of 18.8%; aquaculture products reaching 1.86 billion USD, marking an increase of 1.9%; livestock products reaching 113 million USD, marking an increase of 4.8%; input materials for production reaching 481 million USD, marking an increase of 8.3%. Additionally, the export surplus of agricultural, forestry, and aquaculture products reached 3.36 billion USD in the first three months of 2024, which is an increase of 96.5% compared to the same period in 2023.

Vietnam currently features four commodities with an export turnover of over 1 billion USD, including: timber at 2.32 billion USD, marking an increase of 26.8% compared to the same period in 2023; fruits and vegetables at 1.23 billion USD, an increase of 25.8%; rice at 1.37 billion USD, an increase of 40%; and coffee at 1.9 billion USD, an increase of 54.2%.

Reportedly, the average export prices of some agricultural products are as follows: Rice at 661 USD per ton, marking an increase of 5% compared to the same period in 2023; coffee at 2,373 USD per ton, an increase of 6.8%; rubber at 1,462 USD per ton, an increase of 5.1%; pepper at 4,153 USD per ton, an increase of 35.6%. However, cashew nuts are priced at 5,329 USD per ton, marking a decrease of 8.6% compared to the same period in 2023; tea at 1,616 USD per ton, a decrease of 2.2%; fertilizer at 412 USD per ton, a decrease of 9.1%.

Furthermore, Vietnam's export turnover to the majority of global markets rose. Notably, exports to Asia reached 6.27 billion USD, marking an increase of 16.6% compared to the same period in 2023; exports to the United States reached 2.96 billion USD, an increase of 27.2%; exports to Europe reached 1.85 billion USD, an increase of 34.8%; exports to Oceania reached 188 million USD, an increase of 22.9%; exports to Africa reached 192 million USD, an increase of 21.6%.

China, the United States, and Japan continue to be the three largest target markets for Vietnamese agricultural, forestry, and aquaculture products. Accordingly, the export turnover of these items to China accounts for 20.2%, marking an increase of 18.3% compared to the same period in 2023; export turnover to the United States accounts for 19.9%, an increase of 28.3%; export turnover to Japan accounts for 7%, an increase of 4.6%.

On the other hand, the prices of agricultural products in the domestic market did not experience significant fluctuations during March 2024. The price of rice continued to decline in the Mekong Delta provinces. The fruit market also showed signs of decline compared to previous months due to reduced consumption demand. Conversely, the price of live pigs are projected to increase due to the recent upward trend of prices across the country, with an average increase of 1,000 to 2,000 Vietnamese dong per kilogram. The price of white-leg shrimp at 55 pieces per kilogram was 160,556 Vietnamese dong, marking a decrease of 5.6% compared to the previous month. The price of pangasius fish is estimated at 28,000 Vietnamese dong per kilogram, marking an increase of 4.5% compared to the previous month.