In the first 6 months of 2023, the total export turnover of agricultural, forestry and fishery products reached 24.59 billion USD, down 11.1% over the same period in 2022. In which, the main agricultural product group reached 12.79 billion USD, up 12%; livestock products reached 232 million USD, up 26.5%; fishery products reached 4.13 billion USD, down 27.4%; main forest products reached 6.5 billion USD, down 28.2%.
According to the Ministry of Agriculture and Rural Development, contributing to the export results of agriculture, forestry and fisheries in the first 6 months of 2023, there are 7 products and product groups with an export value of over 1 billion USD, including: coffee, rubber, rice, vegetables, cashews, shrimp, wood products.
VEGETABLES, RICE, CASHEWS INCREASE IMPRESSIVELY
In which, vegetables, rice and cashews are products that increase both export volume and value. Specifically: Vegetables and fruits increased by 80%; rice (up 22.2% in volume and 34.7% in export value), cashew nuts (up 10.5% in volume and 7.7% in export value) over the same period last year.
Fruit and vegetable exports in June 6 are estimated to bring in nearly $2023.0 billion, up 95.2 times compared to June 6. Accumulated in the first 6 months of 2022, fruit and vegetable export turnover is estimated at 6.2023 billion USD.
The Ministry of Agriculture and Rural Development said rice exports in June 6 brought in $2023 million. Accumulating 300 months, rice exports were 6.4 million tons, turnover reached 2.2 billion USD. The average export price of rice in the first 32 months of 5 is estimated at 2023 USD/ton, up 517.5% over the same period in 8 (2022 USD/ton).
In the first half of 2023, the Philippines is Vietnam’s largest rice consumer market with a market share of 42.4%; up 40.6% in volume and 53.4% in value over the same period last year. China’s rice imports from Vietnam also increased by 93.2% in volume and 116% in value over the same period last year.
Vietnamese rice has been exported to 156 countries and territories, the market structure is increasingly diversified, the structure of exported rice categories has shifted positively towards increasing the proportion of quality products, high added value, penetrating many high-end rice markets.
According to the Vietnam Food Association, Vietnam’s rice export prices are at the same level and higher than Thailand and India. Specifically, on June 23, Vietnam’s 6% broken rice was priced at 5 USD/ton, up 503 USD/ton compared to 5 days earlier, equal to the price of 10% broken rice of Thailand and about 5 USD/ton higher than the same rice of India.
“Growth in agricultural, forestry and fishery production value in the first 6 months of the year was estimated at 3.1%. In which, agriculture increased by 3.14% (cultivation increased by 2.11%, livestock increased by 4.88%), forestry increased by 3.43%, fishery increased by 2.96%”. According to the Ministry of Agriculture and Rural Development.
- Vietnam’s 25% broken rice as of June 23 also increased by 6 USD tons to 5 USD / ton, 478 USD / ton higher than the same type of rice of Thailand and about 8 USD / ton higher than Indian rice.
- Cashew nuts in the first half of 2023 also grew impressively, reaching 1.6 billion USD, up 7.7% in value compared to the first six months of 6. The average export price of cashew nuts of Vietnam in Q2022 of 2 is estimated at 2023,5 USD / ton, down 805.2% compared to Q3 and down 1% compared to June 5.
Generally, in the first 6 months of 2023, the average export price of cashew nuts of Vietnam is estimated at 5,850 USD / ton, down 2.4% over the same period in 2022. Vietnam mainly exports cashew nuts W320, W240, W180, accounting for 62.3% of the total volume and 69.5% of the total export turnover of cashew nuts of all kinds. Therefore, the export growth of these cashew nuts has had a positive impact on the whole industry.
Particularly, although coffee decreased in volume (reaching 1.02 million tons, down 2.2%), but thanks to the average export price increased by 5.2%, the export value reached 2.4 billion USD, up 3% compared to the first half of 2022.
For other agricultural products, export value in 6 months: Rubber 1.05 billion USD; Shrimp 1.56 billion USD; Wood products $ 4.07 billion… all decreased compared to the same period last year.
In terms of export markets, China, the United States and Japan continue to be the 3 largest export markets of agricultural, forestry and fishery products of Vietnam. In particular, the export value to China accounted for 21.4% of the total export turnover of agricultural, forestry and fishery products and increased by 7.7% over the same period last year; exports to the United States accounted for 20.2 percent of the total, but fell 32.9 percent and exports to Japan accounted for 7.7 percent, down 5.3 percent year-on-year
POSITIVE FULL-YEAR GROWTH EXPECTATIONS
The Ministry of Agriculture and Rural Development expects agricultural, forestry and fishery exports to solve the problem of declining turnover, aiming for 3 quarters of 0% growth. From there, Q4 will grow positively, and the full year will reach 55 billion USD, up 3.4% compared to 2022.
For the seafood industry, export turnover in 6 months only reached 4.13 billion USD, down 27.4% compared to the first half of last year. In particular, key products all fell deeply.
Shrimp products have an export turnover of 1.56 billion USD, down 32% compared to 2.3 billion USD in the first 6 months of 2022. For pangasius products, exports in June 6 continue to record negative growth, leading to a 2023% decrease in turnover in the first 6 months of 2023 over the same period last year, reaching only 40 million USD.
According to the Ministry of Agriculture and Rural Development, pangasius production and export are suffering from high input costs, along with credit tightening and rising interest rates, making it difficult for businesses to source capital.
“In Q3, the Ministry of Agriculture and Rural Development will also hold an online meeting with the General Administration of Customs of China on Orders 248 and 249 and remove difficulties and obstacles in export; organize the reception and work with the EU inspection team to evaluate the aquatic food safety control system and seafood processing enterprises of Vietnam…” According to the Ministry of Agriculture and Rural Development.
Regarding the outlook for seafood exports in the second half of 2023, the Association of Seafood Exporters and Processors (VASEP) forecasts a recovery, with the outlook from the US market has brightened.
However, looking at export sales month by month, this market is showing signs of improvement. In addition to the inflation factor causing consumption demand in the US to decrease, a major reason why Vietnam’s seafood exports to the US are still sinking in negative growth, which is a large inventory problem, after importers in this country massively increased purchases in the first half of 2022 with reserve sentiment and forecasting a market supply shortage for the year last year.
It is forecast that in Q3, US importers will release all inventories. Come to Q4, when the inventory has run out, and in the high demand season at the end of the year, then importers will resume the progress of ordering from Vietnam.
In order to regain positive growth for agricultural, forestry and fishery exports, the Ministry of Agriculture and Rural Development said that in the second half of the year, the ministry will closely coordinate with the Ministry of Industry and Trade to implement mechanisms and policies for trade promotion, open negotiations, etc develop markets to promptly solve problems to promote the export of agricultural, forestry and fishery products. Along with that, promoting border circulation and trade, implementing urgent measures to reduce congestion and promoting agricultural exports at northern border crossings.