According to the Ministry of Agriculture and Rural Development, in the first 5 months of this year, the total export turnover of agricultural, forestry and fishery products is estimated at 24.14 billion USD, up 21% over the same period last year; Trade surplus was 6.53 billion USD, an increase of 64.5%.
Overall, in the first 5 months, most product groups increased, so export turnover increased, reaching 24.14 billion USD; Contributing to this result are: Agricultural products 13.11 billion USD, an increase of 27.7%; forest products 6.58 billion USD, up 22.7%; seafood 3.5 billion USD, up 3.6%; livestock 199 million USD, an increase of 5.6%. Production inputs alone were 756 million USD, down 1.3%.
Regarding export value, most key products are higher than the same period last year, such as: Wood and wood products 6.14 billion USD (up 23.6%); coffee 2.9 billion USD (up 44.1% with 833 thousand tons, down 3.9%); rice 2.65 billion USD (up 38.2% with 4.15 million tons, up 14.7%); cashew nuts 1.55 billion USD (up 19.3% with 288 thousand tons, up 30.6%); fruits and vegetables 2.59 billion USD (up 28.1%); shrimp 1.3 billion USD (up 7.5%).
| Coffee is one of the agricultural products with the highest export price |
Average export price: Rice 638 USD/ton, up 20.5%; coffee 3,482 USD/ton, up 49.9%; rubber 1,504 USD/ton, up 8.8%; pepper 4,308 USD/ton, up 39.3%. Meanwhile, cashew nuts are at 5,378 USD/ton, down 8.6%; tea 1,656 USD/ton, down 0.8%…
Thus, coffee is one of the agricultural products with the highest export price in the first 5 months of this year, at 3,482 USD/ton, an increase of 49.9% over the same period. Coffee price today, June 1, ranges from 123,000 – 124,000 VND/kg. Robusta coffee prices continue to benefit from information about concerns that excessive drought in Brazil and Vietnam in recent times will cause damage to coffee trees and limit global output.
Vietnam’s Ministry of Agriculture and Rural Development also predicts that coffee output from this leading Robusta coffee producing country is likely to decrease by 20% in the coffee crop year from October 2023 to September 2024. Currently, due to adverse weather conditions, it has been drier than usual in recent times. These weather patterns will continue to be closely monitored until October this year, when the new crop begins to be harvested.
According to experts, the recent coffee crop was very successful as prices increased and farmers earned good profits even though output decreased. High prices will help farmers have the motivation to take better care of their coffee gardens, as well as consider plans to expand the area.
Coffee increasingly affirms its role as one of Vietnam’s key export products, contributing significantly to the national economy. With accounting for more than 10% of revenue from agricultural exports and 3% of total GDP, the coffee industry is not only an important source of income for farmers but also an indispensable part of Vietnam’s economic picture.
In 2023, Vietnam’s coffee exports reached a record level of 1.61 million tons, bringing in 4.18 billion USD, reflecting the strong growth of this industry.
The latest report of the General Department of Customs said that Vietnam’s coffee exports in May decreased by 36.5% over the same period, down to 95,000 tons, and coffee exports from January to May decreased by 3%, 9% over the same period at 833,000 tons.
According to forecasts of the Vietnam Department of Meteorology and Hydrology, there will likely be a transition from neutral El Niño conditions to La Niña weather conditions in August this year, possibly leading to increased rainfall. We also heard a similar forecast like this from the US Meteorological Forecasting Agency last month.
The goal of increasing coffee export value this year is being built on a pretty good foundation. However, businesses still need careful export strategies to make the most of existing advantages and maintain long-term results.
According to the Vietnam Coffee and Cocoa Association (Vicofa), it is forecast that coffee exports will continue to be favorable in 2024. In particular, coffee prices are currently increasing sharply, so even though coffee output exported to the world may decrease, the value of turnover may still increase. Vicofa expects coffee exports to reach about 4.5 to 5 billion USD in 2024.
According to Congthuong.vn
