Rice exports this year are forecast to reach over 8 million tons and a value exceeding 5 billion USD. Photo: TL

Trade surplus increased by 62%

A report from the Ministry of Agriculture and Rural Development showed that the export turnover of agriculture, forestry and fishery products in October 2024 was estimated at 5.91 billion USD, bringing the total export turnover of these categories in the first 10 months of 2024 to 51.74 billion USD, an increase of 20.2% year on year.

In 10 months, the export value of most export products recorded an impressive growth. Specifically, agricultural products and reached 27.38 billion USD, up 25.6%; livestock products reached 423.5 million USD, up 2.7%; aquatic products reached 8.33 billion USD, up 12%; forestry products reached 14.05 billion USD, up 19.9%. Meanwhile, other groups showed contrast tendency. In details, the export value of production inputs reached 1.56 billion USD, down 5.7% and the export value of salt reached 4.6 million USD, down 0.2%.

All three groups of forestry, aquatic and agricultural products had a trade balance in surplus for the first 10 months of 2024. Specifically, the forestry group lead with surplus of 11.75 billion USD, up 18.8% over the same period in 2023; The seafood group followed with a surplus of 6.21 billion USD, up 17.2% and the agricultural group had a surplus of 4.67 billion USD, up 4.2 times. The trade surplus value of agricultural, forestry and fishery products in the first 10 months reached 15.21 billion USD, up 62%.

By region, Asia is the largest export market for Vietnam's agricultural, forestry and fishery products with a market share of 48.2%. Americas and Europe markets follow with market shares of 23.5% and 11.5%, respectively. The market shares of the two regions of Africa and Oceania are small, accounting for 1.4-1.8%. Compared to the same period last year, the estimated export value of Vietnam's agricultural, forestry and fishery products in the first 10 months of 2024 to Asia increased by 17.2%; the Americas increased by 24.7%; Europe increased by 34.1%; Africa increased by 2% and Oceania increased by 14.5%.

Regarding export markets, the United States accounted for 21.6%, China 21.5%, Japan 6.5%. These are the three largest export markets for Vietnam's agricultural, forestry and fishery products. Compared to the same period last year, the estimated export value of Vietnam's agricultural, forestry and fishery products in the first 10 months of 2024 to the US market increased by 25.9%, China increased by 11.4%, and Japan increased by 5.9%.

Aiming for the target of 60 billion USD

Notably, among agricultural products, rice export output in October was estimated at 800,000 tons with a value of 505 million USD, bringing the total output and export value of this item in 10 months to nearly 8 million tons and $4.86 billion USD, up 10% in volume and 23% in value year on year. According to experts' forecasts, along with the results of 10 months in 2024 and domestic production capacity, rice exports this year are forecast to reach over 8 million tons and a value exceeding 5 billion USD.

Along with the country's overall trade turnover, fruit and vegetable exports also brought home $6.4 billion from January to October, an increase of nearly 32%. It is forecasted that this year's fruit and vegetable exports may exceed 7 billion USD, an increase of nearly 20% compared to last year.

On the other hand, the total import turnover of agriculture, forestry and fishery products in the first 10 months of 2024 reached 36.53 billion USD, up 8.5% year on year. Of which, the import value of agricultural products reached 22.71 billion USD, up 9.8%; livestock products reached 3.06 billion USD, up 6.6%; aquatic products reached 2.12 billion USD, down 1%; forestry products reached 2.31 billion USD, up 25.4%; production inputs reached 6.3 billion USD, up 3.6%; salt reached 29.2 million USD, down 21.1%.

Commenting on the recent export situation of agricultural, forestry and fishery products, Mr. Phung Duc Tien, Deputy Minister of Agriculture and Rural Development, said that Vietnam currently ranks 2nd in Southeast Asia and 15th in the world in agricultural product exports. This success originates from the foundation of restructuring the agricultural sector over the past decades, building a stable and open market system.

In 2024, the signing of 3 Protocols on the export of frozen durian, fresh coconut and crocodile with China is an important step, helping to expand the market for Vietnamese agricultural products. In addition, trade promotion activities in demanding markets such as the UAE are also being promoted, promising to open up new opportunities for the agricultural, forestry and fishery sector.

"In 2 end- year months, if export turnover can reach 5.5 billion USD per month, the export of agricultural, forestry and fishery products in 2024 will reach 60 billion USD. This will remark the highest export turnover of agricultural, forestry and fishery products ever. The above results are due to the increase in output and value of products. Agricultural products are increasingly building high economic value when meeting the criteria and requirements of the export market", said Deputy Minister of Agriculture and Rural Development Phung Duc Tien.