Vietnam agricultural product exports poised for record-breaking year

Vietnam’s agricultural product exports are on track to achieve an unprecedented milestone, with projected revenue reaching $60-61 billion this year, up $7-8 billion compared to 2023.

As of now, several key sectors have already reached the finish line ahead of schedule. Durian, dubbed “king of fruits,” has set a new benchmark.

By September, its export value had hit a record $2.81 billion, even surpassing the total of $2.2 billion earned last year. The figure rose to $3 billion over 10 months and is projected to hit $3.3 billion by the year’s end.

With the current growth momentum and the addition of frozen durian to the list of products exported to China via official channels, it is highly likely that the fruit’s shipments could reel in $4 billion next year, said Dang Phuc Nguyen, general secretary of the Vietnam Fruit and Vegetable Association (Vinafruit).

Its robust growth has helped push total fruit and vegetable export value to $5.6 billion in nine months – equaling the 2023 figure, $6.2 billion in 10 months, and $6.6 billion in 11 months.

The rice sector, meanwhile, has also achieved a remarkable feat, exceeding last year’s total export turnover within just 10 months. Despite a slight decrease in volume to 7.8 million tons (compared to 8.1 million tons in 2023), higher export prices pushed revenue to $4.9 billion, eclipsing last year’s $4.6 billion. The first 15 days of November saw the overseas shipments of nearly 300,000 tonnes, increasing the total export value to $5 billion.

October marked the start of the harvest time for local coffee, with 10-month exports totaling 1.2 million tons worth $4.6 billion, surpassing the figure of nearly $4.2 billion posted for all of 2023.

Fundamentally, supply remains lower than demand, so coffee prices are expected to stay high, said Do Ha Nam, vice chairman of the Vietnam Coffee – Cocoa Association (Vicofa).

However, future fluctuations will depend on the European Union’s final decision on whether to apply its anti-deforestation regulations (EUDR) as scheduled on December 30, 2024, or postpone it for 12 months as previously proposed.

Following the upward trend, the peppercorn industry has rebounded strongly, with export revenue of $1.1 billion in 10 months, an annual increase of 47%. For the first time since 2017, the product is set to rejoin the billion-dollar export club, with its 2024 turnover projected to exceed $1.3 billion.

Meanwhile, cashew exports hit $3.6 billion in the January-October period, matching 2023’s full-year figure. Vietnam remains the world’s leading exporter of the nut, with this year’s export value forecast to reach a record $4.3-4.5 billion.