According to the Ministry of Agriculture and Rural Development, in the first 6 months of 2024, the agricultural sector's trade surplus reached about 8.28 billion USD, an increase of 62.4% over the same period in 2023; GDP growth of the agriculture, forestry and fishery sector reached 3.34%, contributing 5.36% to the total added value of the whole economy. These results are a solid foundation for the breakthrough of the whole industry in the second half of 2024.
In the first 6 months of 2024, the total export turnover of agriculture, forestry and fishery products is estimated at 29.2 billion USD, an increase of 19% over the same period in 2023. Along with that, the total import turnover of agriculture, forestry and fishery products reached about 20.92 billion USD.
Strong increase in both production and export
Deputy Minister of Agriculture and Rural Development Phung Duc Tien said: In 2024, the country's agricultural, forestry and fishery export turnover is entirely capable of reaching 54-55 billion USD. Currently, there are 7 products and product groups with export value reaching more than 1 billion USD, namely: coffee, rubber, rice, vegetables, cashew nuts, shrimp, wood and wood products. Of which, rice and cashew nuts achieved an increase in both volume and value compared to the same period in 2023. Specifically, rice exports reached 4.68 million tons (up 10.4%), worth 2.98 billion USD (up 32%); cashew nuts reached 350,000 tons (up 24.9%), worth 1.92 billion USD (up 17.4%). Coffee alone, although down 10.5% in volume, thanks to an average export price increase of 50.4%, the export value reached 3.22 billion USD, up 34.6%. With that result, in the first 6 months of 2024, many items achieved high trade surpluses, such as wood and wood products reaching 6.16 billion USD, up 22.5%; coffee reaching 3.14 billion USD, up 36.2%; vegetables and fruits reaching 2.42 billion USD, up 35.3%; rice reaching 2.31 billion USD, up 27%; shrimp reaching 1.43 billion USD, up 13.3% over the same period in 2023.
In terms of markets, in the first 6 months of 2024, the main agricultural, forestry and fishery exports to markets in the Americas region reached 6.6 billion USD, up 20% over the same period in 2023; Africa reached 565 million USD, up 17.1%; Asia reached 13.9 billion USD, up 17.8%; Europe reached 3.7 billion USD, up 32.8%; and Oceania reached 405 million USD, up 18.2%. The US, China and Japan continue to be the 3 largest export markets for agricultural, forestry and fishery products of Vietnam. The export value to the US accounted for 20.7%, up 20.8% over the same period last year; China accounted for 20.2%, up 9.5% and Japan accounted for 6.7%, up 5%.
Not only exports, agricultural, forestry and fishery production activities also have many bright spots, which are important factors in creating growth for the entire industry and affirming its role as a pillar of the economy. According to the General Statistics Office, in the first 6 months of this year, agricultural production basically had a good harvest and good prices. This is reflected in the fact that while the output of many key agricultural products increased, the selling price was also high. On average, in the first 6 months of 2024, the agricultural product price index increased by 10.29% compared to the same period in 2023, of which the price index of annual crops increased by 11.27%; perennial crops increased by 22.3%.
Currently, the fruit and vegetable industry is holding the leading position in agricultural product export, with a turnover of nearly 3.5 billion USD, an increase of more than 28% over the same period last year. This result is largely due to the good output of fruit trees in the first 6 months of the year, of which durian output alone is estimated at 487.7 thousand tons, an increase of 20.3% over the same period last year; other fruit trees such as guava, jackfruit, passion fruit, and longan also increased in output by about 3-6%. The selling price of most fruit tree products increased, with an average increase of 6.12% in the first 6 months of 2024 compared to the same period in 2023.
For the fisheries sector, in the first 6 months of 2024, the total fishery output is estimated at 4.39 million tons, up 2.7% over the same period last year, of which the output of farmed fishery products is estimated at about 2.44 million tons, up 4.1%; the output of exploited fishery products is estimated at 1.95 million tons, up 1.0%. This is a large and abundant source of raw materials for export, helping the fisheries industry achieve a turnover of more than 4.4 billion USD in the first 6 months of the year, up nearly 7% over the same period in 2023. Of which, shrimp exports brought in more than 1.6 billion USD, tra fish exports brought in 922 million USD, up 7% and 6% respectively over the same period last year.
Accelerating the second half of the year
Dang Phuc Nguyen, General Secretary of the Vietnam Fruit and Vegetable Association, said that in 2024, fruit and vegetable export turnover is likely to reach the 7 billion USD mark. Vietnam's main export market is still China. Figures from the Import-Export Department (Ministry of Industry and Trade) show that in the first 5 months of 2024 alone, fruit and vegetable exports to China reached 1.7 billion USD, an increase of 33.4% over the same period in 2023.
In 2024, fruit and vegetable exports are likely to reach the 7 billion USD mark. Vietnam's main export market is still China. Figures from the Import-Export Department (Ministry of Industry and Trade) show that in the first 5 months of 2024 alone, fruit and vegetable exports to China reached 1.7 billion USD, an increase of 33.4% over the same period in 2023.
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Vietnam and China are expected to sign a new protocol on the export of frozen durian, passion fruit and chili in 2024. Vietnam and China have also agreed to sign a protocol on fresh coconut, opening up export prospects for Vietnamese coconuts. Currently, China's demand for coconut imports is very large and tends to grow higher each year than the previous year. Meanwhile, China's coconut output only meets about 10% of domestic consumption demand, the rest is imported. Therefore, Vietnam's fruit and vegetable exports to the Chinese market are expected to continue to grow positively in the coming time.
Not only vegetables and fruits, seafood exports to China also have many prospects at the end of the year. According to the Vietnam Association of Seafood Exporters and Producers, China's shrimp import demand is expected to increase again from the third quarter of 2024 to serve the National Day and Mid-Autumn Festival period, from September 17 to October 7. Accordingly, Vietnam's shrimp exports to China are likely to increase during this period. As for pangasius products, the Chinese market is also recovering strongly with high demand and stable prices.
Minh Phu Seafood Corporation General Director Le Van Quang said: Minh Phu is planning to shift its export to China - a populous market with a large consumption capacity, and a border with Vietnam to help avoid risks of long-distance shipping by sea. Minh Phu aims to increase sales to the potential Chinese market by 10%, then 20% and higher in the future. In order to increase competitiveness in the Chinese and international markets, Minh Phu has set a key strategy to strive for the price of Vietnamese raw shrimp to be equal to that of Ecuadorian shrimp by 2030; striving to self-supply 50% of raw shrimp demand for its processing plants by 2035.
In addition to the main market of China, the Ministry of Industry and Trade said it will continue to focus on implementing activities to promote the export of agricultural, forestry and fishery products to other key markets such as the US, Japan and the European Union; opening new markets with great potential such as the Halal Islamic market, the Middle East, Africa... to maintain export growth momentum in the second half of 2024.
Minister of Industry and Trade Nguyen Hong Dien said that the world's demand for imported agricultural products such as rice and vegetables is increasing due to the disruption of supply in many countries due to the impact of armed conflicts, geopolitical competition and trade wars between major countries. In that context, Vietnam is determined to promote exports in a sustainable manner, while firmly ensuring national food security.
Accordingly, Vietnam will continue to negotiate, sign and upgrade free trade agreements (FTAs) with partners in potential markets, creating favorable conditions for businesses to diversify markets, products and supply chains to boost exports. The Ministry of Industry and Trade will continue to coordinate with ministries, branches, localities and industry associations to support businesses in exploiting the preferential mechanisms of the FTAs that Vietnam has signed, especially making the most of the tariff quotas for Vietnam; proactively guide and support traders to improve their production and business capacity, the ability to negotiate, sign and perform export contracts and effectively handle defense lawsuits and international trade disputes that arise.
At the same time, the Ministry of Industry and Trade will coordinate with the Ministry of Agriculture and Rural Development in negotiation activities, focusing on coordinating negotiations on market opening, animal and plant quarantine and other related technical requirements to facilitate the export of more Vietnamese agricultural products to the world market.
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