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Monday, June 24, 2024

Agricultural exports dip, except for rice and coffee

The Saigon Times

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HCMC – While rice and coffee prices have surged during the first eight months of 2023, the export value of other agricultural commodities has dropped, impacting the overall trade picture.

Data from the Ministry of Agriculture and Rural Development showed that the combined value of imports and exports for agricultural, forestry, and fishery products is projected to reach US$59.7 billion during this period, with exports totaling US$33.21 billion, down 9.5% year-on-year, and imports amounting to US$26.48 billion.

This decline in agricultural, forestry, and fishery exports can be attributed to reduced export volumes of major agricultural commodities. Black pepper has experienced a significant decline of 26.5%, with an export price of US$3,263 per ton. Rubber has also faced a 20% reduction. Exports of cashew nuts and cassava have also fallen.

However, rice and coffee have emerged as exceptions to this trend. The export price of rice is projected to hit US$542 per ton, marking an 11.5% increase. Coffee, too, has risen by 8.5%, boasting an export price of US$2,455 USD per ton.

China, the U.S., and Japan have maintained their positions as the top three export markets for Vietnam. China has constituted 22% of total exports, the U.S. 21%, and Japan 7.6%.

The ministry noted that the overall market for agricultural, forestry, and fishery commodities has remained stable in August, with essential supplies secured. Rice prices are anticipated to rise further due to global market dynamics and increased demand.

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