Vietnam's agricultural exports exceeded 10.55 billion USD in 11 months

In terms of exports, Vietnam's export turnover of agricultural, forestry and fishery products in November 2023 is estimated at 4.79 billion USD, which is an increase of 0.3% compared to October 2023 and an increase of 13% compared to November 2022. Accordingly, all product groups have exhibited positive growth in comparison with November 2022. Notably, agricultural exports reached 2.49 billion USD, marking an increase of 24.7%; livestock exports reached 41 million USD, marking an increase of 9.7%; forestry exports reached 1.29 billion USD, marking an increase of 2.8%; fishery exports reached 800 million USD, marking an increase of 1.4%; production input exports reached 168 million USD, marking an increase of 4.9%.

Accordingly, Vietnam's total export turnover for the first 11 months of the year is estimated at 47.84 billion USD, marking a decrease of 2.7% compared to the same period in 2022. Namely, fishery exports reached 8.24 billion USD, marking a decrease of 18.9%; forestry product exports reached 13.02 billion USD, a decrease of 17%; production input exports reached 1.82 billion USD, marking a decrease of 17.8%.

Only the export of agricultural and livestock product groups saw an increase in value, with agricultural exports reaching 24.3 billion USD, marking an increase of 17.1% (contributed by the export value of vegetable and fruit products at 5.32 billion USD, an increase of 74.5%; rice at 4.41 billion USD, an increase of 36.3%; cashew nuts at 3.31 billion USD, an increase of 17.4%, and cereal products at 1.08 billion USD, an increase of 5.4%) and livestock exports reaching 453 million USD, marking an increase of 23.5%. To date, six Vietnamese products/product groups have reached an export value of over 3 billion USD.

The average export prices of some key agricultural products include: rice at 568 USD per ton, an increase of 17.3%; tea at 1,750 USD per ton, an increase of 8.7%; coffee at 2,570 USD per ton, an increase of 11.9%. On the other hand, the export prices of certain items dropped, including: rubber at 1,343 USD per ton, a decrease of 14.7%; pepper at 3,391 USD per ton, a decrease of 21.3%; cashew nuts at 5,682 USD per ton, a decrease of 4.7%; cassava and cassava products at 437 USD per ton, a decrease of 0.3%.

Vietnam's export value of agricultural, forestry and fishery products to Asian markets in the first 11 months of 2023 reached 23.61 billion USD, marking an increase of 6.8%. Furthermore, exports to the Americas reached 10.85 billion USD, a decrease of 17.7%; Europe 4.85 billion USD, a decrease of 12.5%; Africa 999 million USD, an increase of 21.7%; Oceania 722 million USD, a decrease of 13.5%. Accordingly, China, the United States, and Japan continue to be the three largest export markets for Vietnamese products. The export value to China accounts for 23.2%, an increase of 18%; the United States accounts for 20.6%, a decrease of 17.9%, and Japan accounts for 7.4%, a decrease of 9.1%.

Regarding imports, Vietnam's import turnover of agricultural, forestry and fishery products in the first 11 months of 2023 reached 37.29 billion USD, marking a decrease of 9.7%. Accordingly, agricultural imports reached 22.72 billion USD, a decrease of 9.4%; livestock imports reached 3.23 billion USD, a decrease of 4.8%; aquacultural imports reached 2.41 billion USD, a decrease of 3.4%; forestry imports reached 2.09 billion USD, a decrease of 27.5%; production input imports reached 6.79 billion USD, a decrease of 8.1%; salt imports reached 41.1 million USD, a decrease of 2.5%.

The Asian region accounts for 28.1% of Vietnam's import market share, Americas 23.5%, Oceania 7%, Africa 4.7%, and Europe 4%. China, Brazil, and the United States are the three largest suppliers of agricultural, forestry and fishery products to Vietnam in the first 11 months of 2023, with market shares accounting for 8.1%, 8.1%, and 7.9%, respectively.

The domestic commodity market remained stable in November 2023, with a secured supply source and relatively stable prices. Rice prices in the Mekong Delta showed an increasing trend with rice rising by 300 to 400 Vietnamese dong per kilogram, and paddy rising by 2,000 to,000 Vietnamese dong per kilogram. On the other hand, live pig prices increased slightly by 1,000 Vietnamese dong per kilogram in the first week of November but subsequently decreased by 1,000 to 2,000 Vietnamese dong per kilogram due to disease outbreaks in several provinces and cities. The price of raw pangasius also showed a decreasing trend, at 26,500 to 26,800 Vietnamese dong per kilogram, whereas the price raw black tiger shrimp increased to 220,000 Vietnamese dong per kilogram, an increase of 40,000 Vietnamese dong per kilogram. Additionally, the fruit market experienced a downward trend due to increased supply.

The Ministry of Agriculture and Rural Development aims to develop both domestic and export markets in December 2023. The focus will be on addressing market issues to enable the export of agricultural and aquacultural products, with an emphasis on exports to China, the United States, the EU, and the Asia-Europe Economic Union. Various free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), will be utilzied to boost the export of key agricultural and aquacultural products. Coordination will also be provided to support brand and geographical indication protection for Vietnam's potential export products.

Continuous monitoring of price fluctuations, essential food supply sources, reports from the Market Management Board in Vietnam, and the Government's Price Steering Committee will be maintained in order to balance supply and demand for the upcoming Lunar New Year. Collaborative efforts with local governments will support the connection and promotion of processing and consumption of agricultural products during the harvest season.

Various activities such as organizing the 970 Forum to facilitate the connection for agricultural product consumption, hosting seminars to disseminate market information and consumer preferences, and establishing connections through the trade promotion system in local and international markets and e-commerce platforms (Postmart, Shopee, Tiki, Lazada, Tiktok, Zalo, etc.) for agricultural and OCOP products are also planned.