The price of “bitter” grain is about to break the historical peak, export enterprises are facing a “golden opportunity”; “green gold” records double-digit growth… are the outstanding export news from July 8-14.
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| 2023 is the most difficult year in the past 10 years for pangasius exports, and CPTPP is no exception. (Source: Customs Newspaper) |
A seafood product that takes advantage of opportunities from CPTPP
According to the latest data from Vietnam Customs, in the first half of June 2024, Vietnam's pangasius export turnover to the CPTPP market bloc reached 12 million USD, an increase of 23% over the same period in 2023. As of June 15, 2024, the cumulative pangasius export to this market bloc reached 114 million USD, an increase of 10% over the same period.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect in Vietnam from January 14, 2019. According to the assessment of the Vietnam Association of Seafood Exporters and Producers (VASEP), after 5 years of implementation, this new generation FTA has opened up opportunities for exporting Vietnamese pangasius to the CPTPP market, which is an important stepping stone for the seafood industry to "take off", including pangasius.
However, in the period 2019-2023, the world's complex fluctuations, blockade orders due to Covid-19, embargoes due to war, and conflicts on transportation routes have created many challenges for Vietnamese pangasius to get closer to countries in the CPTPP bloc.
2023 is the most difficult year in the past 10 years for pangasius exports, and CPTPP is no exception. However, compared to other markets, pangasius export turnover to CPTPP is still at an acceptable level in the general decline.
In 2023, five years after the CPTPP Agreement came into effect, pangasius exports to Canada reached 37 million USD, down 34% compared to 2022, and down 22% compared to 2018 – the year before the FTA came into effect. Previously, in 2022, pangasius exports to Canada reached 56 million USD, up 17% compared to 2018.
VASEP believes that agriculture, forestry and fisheries in general and pangasius exports in particular are difficult sectors to negotiate to achieve open commitments. However, in the CPTPP, partners basically eliminate and reduce taxes to 0% as soon as the FTA takes effect for most of Vietnam's aquatic products, including pangasius.
In 2024, when the inventory due to massive imports in 2022 has gradually depleted, pangasius exports will begin to recover and flourish in a number of markets, including the CPTPP market block.
This market mainly consumes frozen pangasius fillets from Vietnam. Customs data shows that in the first 5 months of this year, exports of this product to the CPTPP bloc reached nearly 89 million USD, up 6% over the same period last year, accounting for 87% of the proportion, and accounting for 15% of the total export value of frozen pangasius fillets from Vietnam to markets. In addition, exports of other pangasius products to the CPTPP bloc also recorded growth in the first 5 months of this year.
According to the latest data from Vietnam Customs, in the first half of June 2024, Vietnam's pangasius export turnover to the CPTPP market reached 12 million USD, an increase of 23% over the same period in 2023.
As of June 15, 2024, the cumulative export of pangasius to the CPTPP market bloc reached 114 million USD, up 10% over the same period. Of which, Mexico is the country that imports the most Vietnamese pangasius with a value of 31 million USD, up 7%; Japan imported 18 million USD, up 35%; Canada imported 18 million USD, up 15%; Singapore imported 16 million USD, up 0.2% over the same period last year.
VASEP forecasts that in the last 6 months of 2024, pangasius exports to the CPTPP bloc are expected to continue the growth momentum of the first 6 months of the year as prices and demand gradually stabilize. To achieve this result, businesses need to improve their competitiveness, study the benefits that this agreement brings in terms of tariffs to seize opportunities and increase exports.
China buys the most fruits and vegetables from Vietnam
Latest information from the General Department of Customs, in the first half of 2024, Vietnam's goods exports to China reached 27.8 billion USD, an increase of 5.3% over the same period.
According to the report of the Ministry of Agriculture and Rural Development, the total export turnover of agricultural, forestry and fishery products in the first 6 months of the year reached 29.2 billion USD, an increase of 19% over the same period in 2023. In the picture of agricultural, forestry and fishery exports in the first 6 months of 2024, China accounted for 20.2%, an increase of 9.5% over the same period last year... ranking 2nd in terms of export market.
Fruits and vegetables are one of the most exported products from Vietnam to this market. This is the main durian harvest season. At Kim Thanh International Road Border Gate No. 2 (Lao Cai), at this time, there are an average of 200 fruit trucks exporting to China every day, half of which are trucks carrying durian.
Currently, Ri6 durian is purchased by traders and exported to China at the highest price of 60,000 VND/kg, while Monthong durian has the highest price of 92,000 VND/kg, meaning each exported truck is worth from 1.1 billion VND to 1.5 billion VND.
Since the beginning of 2024, the total value of imported and exported goods through Lao Cai border gate has reached over 1.1 billion USD. Of which, the majority is durian exports with over 100 thousand tons, export turnover reaching about 540 million USD, double that of the same period last year.
Mr. Nguyen Dinh Tung - General Director of Vina T&T Group - said that the demand for fruits and vegetables in the markets is currently very large. If Vietnamese products can penetrate and ensure stable quality, they will have a foothold. Typically, for durian products exported to China, the company's orders have increased dramatically, with an expected export of 2,500 tons of fresh durian this year.
Mr. Nong Duc Lai - Vietnam's Trade Counselor in China - said that according to data released by China Customs, import-export trade between Vietnam and China in the first 5 months of the year grew by over 20%. Notably, Vietnam's exports to the Chinese market not only had high growth, but also had balanced growth among industries and products.
Of which, agricultural products are the products that China has the highest demand for. Every year, this country spends 230 billion USD to import agricultural products, in the first 5 months of this year alone, it imported nearly 100 billion USD. In the group of agricultural products, there are many products that China imports over 20 billion USD annually such as fruits, seafood, cereals (rice)... These are products that Vietnam has strengths in. Enterprises must take advantage of and exploit this potential market to the fullest.
“Processed products and foods are a very potential industry in China and will create many opportunities for Vietnamese businesses to exploit. Specifically, for seafood products today, businesses should not only export fresh products but also invest in producing processed products to bring to this market,” Mr. Nong Duc Lai suggested.
The price of “bitter” beans is about to break the historical peak, export enterprises are facing a “golden opportunity”
Recently, Vietnamese coffee prices have been on a strong upward trend, forecast to soon break the historical peak. This situation occurs in the context of world coffee prices also experiencing a period of shocking increase, creating excitement in the global coffee market.
According to data from giacaphe.com , the price of Robusta coffee on the London exchange increased to $2,600/ton in June 2024, the highest in the past 12 years. Meanwhile, the price of Arabica coffee on the New York exchange also increased sharply, reaching $2.50/pound, the highest level since 2011.
In Vietnam, the price of green coffee beans (coffee beans, fresh coffee beans) in the Central Highlands provinces currently fluctuates from 51,000 - 52,000 VND/kg, not far from the historical peak in 2011. According to a report from the General Statistics Office, in the first 6 months of 2024, Vietnam's coffee exports reached 1.02 million tons, up 5.2% over the same period last year, bringing in a turnover of 2.24 billion USD.
On the world market, the trading session on July 10 continued to witness the shocking increase of this “bitter” bean. Accordingly, on the London exchange, the price of Robusta coffee for delivery in September 2024 increased by 286 USD, to 4,634 USD/ton; the delivery term in November 2024 also increased by 288 USD, to 4,464 USD/ton.
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| Recently, Vietnamese coffee prices have been on an upward trend, and are expected to break their historical peak. (Source: VnExpress) |
The price of Robusta coffee on the world market has officially surpassed the record of 4,530 USD/ton recorded last May. Meanwhile, the price of domestic coffee beans continues to increase sharply, reaching 128,000-129,000 VND/kg depending on the locality.
According to experts, there are many factors supporting the high price of coffee, especially Robusta, of which Vietnam is the world's top producer. Demand for coffee from European importers is increasing due to the trend of stockpiling before the deadline to comply with the European Union Deforestation Regulation (EUDR) standards. Major coffee producing countries such as Brazil and Colombia are facing extreme weather events such as frost and drought, seriously affecting coffee production. The scarcity of supply from major producing countries has pushed up world coffee prices.
After the Covid-19 pandemic, global coffee demand has recovered strongly, especially from major markets such as the US and Europe. This has put more pressure on coffee supply, pushing prices even higher.
Fertilizer, labor and transportation costs have all increased, contributing to the rise in coffee prices. This has particularly affected small and medium-sized producers, increasing the cost of the final product.
According to statistics from the General Department of Customs, in the first half of this year, our country exported nearly 894,000 tons of coffee beans of all kinds, with an estimated value of 3.19 billion USD. Compared to the same period last year, the volume of exported coffee decreased by 11.4% but the value increased sharply by 33.2%.
The average export price of Vietnamese coffee in June reached 4,489 USD/ton, up 5% compared to the previous month of May and a sharp increase of 67.3% compared to the same period last year. In the first 6 months of this year, the average export price of this type of bean in our country reached 3,570 USD/ton, up 50.4% compared to the same period in 2023.
Vietnam’s coffee prices are showing bright prospects, but with that comes great challenges in terms of quality and sustainable development. Proper attention and investment will be the key factor to help the Vietnamese coffee industry continue to expand in the international market. With strong fluctuations in prices and market conditions, seizing opportunities and responding to challenges will determine the success of the Vietnamese coffee industry in the future.
“Green gold” records double-digit growth
Considered the "green gold" of Vietnam, tea is not only consumed domestically but also exported to many markets around the world. The Import-Export Department (Ministry of Industry and Trade) cited data from the General Department of Customs as saying that it is estimated that Vietnam's tea exports in June 2024 reached 15,000 tons, worth 32 million USD, up 58% in volume and 106.9% in value compared to May 2024; up 54.9% in volume and 86.4% in value compared to June 2023. The average export price of tea in June 2024 is estimated at 2,127.8 USD/ton, up 20.3% compared to June 2023.
In the first half of 2024, tea exports are estimated to reach 61 thousand tons, worth 108 million USD, up 26.7% in volume and 32.1% in value over the same period in 2023. The average export price of tea is estimated to reach 1,759.9 USD/ton, up 4.2% over the same period in 2023.
According to calculations from the General Department of Customs, in the first 5 months of 2024, the export of the two main types of tea grew positively. In particular, the leading export was green tea, reaching 23.5 thousand tons, worth 44.6 million USD, up 45.5% in volume and 43.4% in value over the same period in 2023; followed by black tea, reaching 20.7 thousand tons, worth 26.6 million USD, up 15.6% in volume and 8.6% in value over the same period in 2023. The average export price of both main types of tea tended to decrease slightly.
In contrast, the export of scented tea decreased sharply in the first 5 months of 2024, reaching 741 tons, worth 1.5 million USD, down 31.3% in volume and 31.4% in value; the export of oolong tea reached 319 tons, worth 1.1 million USD, down 22.6% in volume but up 8.7% in value. Regarding the average export price, the scented tea category reached 1,985.9 USD/ton, down 0.1%; while the price of oolong tea reached 3,530.7 USD/ton, up 40.4%...
According to statistics from the Vietnam Tea Association, Vietnam currently ranks 5th in the world in tea exports and 7th in global tea production. Vietnamese tea products are currently exported to 74 countries and territories. In addition, Vietnam currently ranks 2nd in the world, only after China, in green tea output and export. In terms of markets, Pakistan is the country that imports the most Vietnamese tea.
Vietnamese tea products are increasingly diverse, ensuring quality, meeting domestic and foreign consumption needs. Vietnam currently has more than 170 tea varieties with special flavors, favored by the world such as: roasted tea, green tea, oolong tea, fragrant tea, herbal tea, etc.
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