The estimated export turnover for agricultural, forestry, and fishery products in July 2023 has reached $20.23 billion USD, marking a significant increase of 62.5% compared to the same period last year. Notably, certain commodities such as vegetables and rice have shown impressive growth rates.
Impressive Growth in Fruit and Vegetable Exports:
The first seven months of 2023 have witnessed remarkable growth in fruit and vegetable exports, with a substantial increase of 68.1% compared to the corresponding period in the previous year.
Trade Data Breakdown:
Data released by the Ministry of Agriculture and Rural Development reveals that, in July 2023, the export turnover for agricultural products reached $20.23 billion USD, reflecting a 32% increase; the livestock category generated $27 million USD, a growth of 45.35%; seafood contributed $6 million USD, despite a decrease of 8.00%; forest products attained $15.1 billion USD, a decrease of 24%; and the production input segment saw $11 million USD, a significant surge of 210.12% year-over-year.
Year-to-Date Export Figures:
For the first seven months of 2023, the combined export turnover for agriculture, forestry, and fishery products is projected at $29.13 billion USD, indicating a decline of 9.1% in comparison to the same period last year.
Robust Growth in Key Categories:
Specifically, the agricultural product group reported a substantial increase of nearly 13.2%, reaching almost $14.99 billion USD in the first seven months of 2023. Noteworthy growth was observed in categories such as vegetables, rice, livestock products, cashews, and coffee.
Export Markets and Trends:
China, the United States, and Japan continue to hold the top three positions in terms of agricultural, forestry, and fishery export markets. China’s export value accounted for 21.9%, a 12.5% increase year-on-year; the United States accounted for 20.4%, a decline of 29.3%; and Japan accounted for 7.6%, down 6.9% from the previous year.
Diverse Growth in Exported Commodities:
The livestock product category demonstrated a strong performance, achieving a turnover of $276 million USD in the first seven months, a substantial growth of 27.4%. Meanwhile, cashew exports increased by 9.8%, reaching $1.95 billion USD, and coffee exports grew by 6%, with an average export price of $2,540 USD per ton, up by 12.8% compared to the same period last year.
Recovery Signals in the Timber Industry:
The wood industry, a significant contributor to Vietnam’s trade turnover, experienced challenges due to export fluctuations and market shifts. However, recent signals suggest recovery, with the export value of wood and wood products reaching nearly $2.023 billion USD in July 2023, showing a potential rebound.
Promising Projections and Insights:
In the coming months, the wood industry anticipates a recovery, aided by increasing orders and a bottoming-out market. Niche markets and effective business strategies are expected to play a vital role in securing stable growth for wood exports in the later part of 2023 and beyond. This positive outlook aligns with the goal of achieving export levels comparable to those of previous years.