Agricultural and forestry exports "explode"

According to data from the Ministry of Agriculture and Rural Development, in the first four months of 2024, the total export turnover of agricultural, forestry and fishery products reached more than 19 billion USD, an increase of 24% over the same period last year. Notably, coffee, vegetables, rice, wood and wood products are "exploding" with export turnover increasing from 23-54%...

Contributing to the overall results in the first 4 months of 2024, the group of main agricultural products reached nearly 11 billion USD, up 32.5%; livestock products reached 152 million USD, up 3.6%; aquatic products reached 2.7 billion USD, up 4.2%; wood and forestry products reached more than 5 billion USD, up 23% over the same period last year. 

MANY MAIN AGRICULTURAL PRODUCTS HAVE HIGH GROWTH

The Vietnam Food Association also forecasts that the volume of rice exported in the first 6 months of 2024 will certainly exceed 4.5 million tons. Therefore, the amount of rice needed for export in the last 6 months of the year is estimated at 3.22 million tons. To meet this demand, businesses may have to import more rice from Cambodia to fulfill export orders. It is forecasted that in 2024, rice exports will set a record turnover of 5 billion USD.

Along with coffee and rice, fruits and vegetables are also agricultural products with impressive growth in the first 4 months of 2024, with export turnover reaching 1.8 billion USD, up 32% over the same period last year. According to the Vietnam Fruit and Vegetable Association, the export prospects of fruits and vegetables in 2024 continue to have positive developments, especially from the Chinese market. Notably, Vietnam currently has 14 agricultural products officially exported to this market such as: durian, bird's nest, sweet potato, dragon fruit, longan, rambutan, mango, jackfruit, watermelon, banana, black jelly, mangosteen, lychee and passion fruit...

THERE IS STILL A LOT OF ROOM FOR WOOD

AND WOODEN FURNITURE EXPORT

According to Mr. Ngo Sy Hoai, Vice President and General Secretary of the Vietnam Timber and Forest Products Association, the group of wood and wood products has regained growth momentum when in the first 4 months of the year, the export turnover reached 4.8 billion USD, an increase of nearly 24% over the same period last year.

“At the end of 2023, we predicted that when the market hit bottom, it would be a U-shaped bottom and stay flat for a few years, then grow again. However, in just the first 4 months of 2024, wood and wood product exports have regained strong growth momentum. According to many businesses, the number of orders has increased again, and inventory has decreased significantly. In addition, ordering and delivery times have been shortened to avoid risks when there are fluctuations in prices and shipping costs,” Mr. Hoai shared.

In the very difficult conditions due to military conflicts and tensions in the Red Sea, which disrupted the supply chain of goods, the export turnover of wood and wood products still increased, which is a positive sign. From this positive result, the wood industry sets a target of exporting wood and wood products to about 17.5 billion USD in 2024.

Commenting on the opportunity to expand market share in the international market, the Vietnam Timber and Forest Products Association believes that there is still a lot of room, especially for the key export product group of wooden furniture. According to statistics from the International Trade Center (ITC), in the period of 2019 - 2022, the world furniture market (HS code 94) reached an average of 553 billion USD/year; of which the demand for importing wooden furniture reached 75 billion USD, while Vietnam's wooden furniture export turnover accounted for less than 10% of the market share. In addition, the Free Trade Agreements (FTAs) ratified by Vietnam continue to be a driving force and favorable opportunity for the wood industry to grow.

OPEN OPPORTUNITIES FOR NEW PRODUCTS

Among the export markets for wood and wood products, the United States is considered to be the market with the most positive growth rate, accounting for 53.2% of Vietnam's total export turnover of this item in the first 4 months of 2024…

Source: Vn Economy