Latest information from the Ministry of Agriculture and Rural Development, in the first 10 months of this year, the total export turnover of the agricultural sector is estimated at 51.74 billion USD, an increase of 20.2% over the same period in 2023. The agricultural sector had a trade surplus of about 15.2 billion USD, a sharp increase of 62.2% over the same period last year.

Most of our country’s key export items have increased compared to the same period last year. Notably, the agricultural sector is receiving good news as many agricultural export items are racing to set historical records.

For example, our country exported 1.2 million tons of coffee , earning 4.6 billion USD in 10 months of 2024. Although the volume of exported coffee decreased by 10.8% compared to the same period last year, the value increased by more than 40%.

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Vietnam's coffee industry to reap record profits in 2024. Photo: Nguyen Hue

That is because the average export price of coffee in the past 10 months is estimated at 3,981 USD/ton, up 57% over the same period last year. Meanwhile, major export markets have increased their purchases of this type of bean from our country. In particular, exports to the Philippines and Malaysia have increased by 2.2 times compared to 2023.

Thanks to that, the export turnover of this item set a historical record even though there are still two months left until the end of the year.

With more than 30 years of experience in the coffee industry, Mr. Do Ha Nam - Vice President of the Vietnam Coffee and Cocoa Association, commented that 2024 will bring extremely special things to this industry. For the first time, Vietnamese coffee prices will be the most expensive in the world; the export price of Robusta coffee (the type of coffee that Vietnam produces the largest in the world) is higher than the price of Arabica coffee.

Businesses and experts also believe that 2024 is a "miracle year" for the Vietnamese coffee industry. Prices are so high that people "can't even dream of seeing it". Not only has a series of records been recorded in terms of prices and export turnover, Vietnamese coffee is increasingly demonstrating its important role in the world market demand.

Similarly, rice export turnover in just 10 months of this year reached 4.86 billion USD, surpassing the figure of 4.67 billion USD for the whole year of 2023. Compared to the same period last year, the export value of this item increased by 23.4%.

In addition, the average export price of rice in the first 10 months of 2024 is estimated to reach more than 626 USD/ton, an increase of 12% over the same period in 2023. This is also a record high average price compared to previous years.

According to the Ministry of Agriculture and Rural Development, by the end of September 2024, exports to the traditional market of the Philippines increased sharply by 53.3%, the Indonesian market increased by 35.1% and the Malaysian market increased by 2.3 times compared to the same period last year.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien assessed that last year our country exported more than 8 million tons. This year, after only 10 months, the amount of exported rice has reached 7.8 million tons. If the last two months of the year are included, rice exports will certainly exceed the figure of 2023.

"Recently, India lifted the ban on rice exports and reduced export taxes, so the price of 5% broken rice from Vietnam was affected. However, our country's fragrant rice and high-quality rice segment is selling at high and stable prices. This is good news," Deputy Minister Tien emphasized.

For fruits and vegetables , export turnover also set a historical record when it earned 6.34 billion USD in just 10 months, a sharp increase of 31.5% over the same period in 2023.

Contributing to this record figure was the boom in durian exports, which earned about more than $3 billion in the first 10 months of this year. In addition, exports to the Chinese market also increased sharply by 37.8% compared to the same period in 2023, reaching $3.8 billion in the first 9 months.

According to calculations by the agricultural sector, fruit and vegetable exports this year may exceed the 7 billion USD mark; rice and coffee exports are expected to exceed the 5 billion USD target.

According to Deputy Minister Phung Duc Tien, in October, the total export turnover of the agricultural sector reached 5.91 billion USD. In the last two months of the year, if exports only reach 5.5 billion USD/month, the agricultural sector will reach the target of 62 billion USD.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien has just announced that agricultural exports this year could reach 60-61 billion USD - a historical record. He also affirmed that people can rest assured that livestock farming is still growing well, so there will be enough meat for Tet.