Agricultural exports are expected to exceed USD 60 billion, surplus reaches record

According to Deputy Minister of Agriculture and Rural Development Phung Duc Tien, the export turnover of agricultural, forestry, and fishery products (AFF) in November is estimated at USD 5.3 billion, up 13.9% compared to November 2023. From there, the total export turnover of AFF in the first 11 months of 2024 will reach USD 56.74 billion, up 19% over the same period in 2023.

"If the export in December is favorable, the total turnover of the agricultural sector in 2024 can reach USD 60-61 billion", Deputy Minister Phung Duc Tien emphasized.

Also, according to the leader of the MARD, in the past 11 months, the trade balance of the Vietnamese AFF sector is estimated to have a surplus of USD 16.46 billion, up 52.8% over the same period last year; this is a record number for the agricultural sector.

Specifically, in the 11 months of 2024, the export value of agricultural products reached USD 29.78 billion, up 23.2%; the export value of livestock products reached USD 475.5 million, up 4.4%; the export value of aquatic products reached USD 9.2 billion, up 11.8%; Forestry product export value reached USD 15.59 billion, up 19.6% over the same period in 2023.

"The industry's trade surplus increased sharply, mainly thanks to the trade surplus of wood and wood products of up to USD 12.11 billion. Promoting the signing of official export protocols to China helped the fruit and vegetable industry achieve a trade surplus of USD 4.56 billion after 11 months.

Every year, the trade surplus of agricultural products often accounts for 65-72% of the entire economic sector. This proves that the potential advantages of agriculture have been and are being unlocked. This is also the foundation for us to reach the finish line with a larger export scale and rate by 2025", Deputy Minister Phung Duc Tien further affirmed.

Also, according to information from the Ministry of Agriculture and Rural Development, in terms of territory, Asia is the largest export market for Vietnam's NLTS products, with a market share of 48.2%. The following two largest markets are the Americas and Europe, with market shares of 23.7% and 11.3%, respectively. The market shares of the two regions of Africa and Oceania are small, accounting for 1.8% and 1.4%, respectively.

Compared to the same period last year, the estimated export value of Vietnam's NLTS products in the first 11 months of 2024 to Asia increased by 16.1%; America increased by 23.6%; Europe increased by 30.4%; Africa increased by 4.4%; and Oceania increased by 13.9%.

Regarding detailed markets, the United States, with a market share of 21.7%, China, with a market share of 21.6%, and Japan, with a market share of 6.6%, are the three largest export markets for NLTS products from Vietnam. Accordingly, compared to last year's period, the estimated export value of Vietnam's agricultural products in the first 11 months of 2024 to the US market increased by 24.6%, China increased by 11%, and Japan increased by 5.5%.

To achieve the above results, Deputy Minister Phung Duc Tien affirmed that it was first thanks to the attention and close direction of the Party and Government leaders, specifically the Prime Minister. Along with that, in 2023, the agricultural sector had timely and effective solutions to overcome the damage caused by natural disasters and epidemics.

According to him, another reason why the agricultural sector can achieve record numbers in 2024 is thanks to the restructuring process over the past years, the application of advances in science and technology and the transition to a green, circular economy.

In addition, the above export achievements were also achieved thanks to the efforts to expand and diversify the market of units in the agricultural sector.

Sharing the goals and development orientation in the coming time, especially to maintain the growth rate, Deputy Minister Phung Duc Tien emphasized the need to continue restructuring the agricultural sector, increase added value, and link production with the market.

"We need to promote the application of science and technology, digital transformation, and develop a circular, green economy," the Deputy Minister of Agriculture and Rural Development affirmed and mentioned the expansion and diversification of export markets, focusing on potential markets such as the United States, China, Japan, Korea, and the EU and in particular, focusing on strongly developing potential areas such as livestock farming and deep processing.

Despite impressive growth figures and many advantages and opportunities, the agricultural sector still faces many difficulties and challenges. For example, global economic situation challenges, climate change, and epidemics.

However, there are still opportunities due to the increasing demand for food worldwide and free trade agreements—especially the great potential in increasing added value, diversifying products, and expanding markets.

It can be seen that Vietnam's agricultural sector achieved impressive results in 2024, affirming the industry's critical role in the country's socio-economic development.

In the current period, with appropriate orientations and solutions, the agricultural sector will continue to develop sustainably, enhancing its value and position in the international market.