According to recent data from the Ministry of Agriculture and Rural Development, Vietnam’s agricultural exports for the first 10 months of 2024 reached $51.74 billion, up 20.2% compared to the same period in 2023. The sector recorded a trade surplus of approximately $15.2 billion, marking a significant increase of 62.2% from the previous year.

Most of Vietnam’s key agricultural exports have shown strong growth over the same period last year. Notably, the sector is celebrating a series of historical achievements across various categories.

Vietnam exported 1.2 million tons of coffee, generating $4.6 billion from January to October 2024. Although coffee export volume decreased by 10.8% compared to last year, its value rose by over 40%.

This increase is due to the average export price for coffee reaching $3,981 per ton over the past 10 months, a rise of 57% compared to the same period last year. Major markets, particularly the Philippines and Malaysia, doubled their imports of Vietnamese coffee.

This year has also been remarkable for the coffee sector in other ways. Do Ha Nam, Vice Chairman of the Vietnam Coffee-Cocoa Association, described 2024 as an “extraordinary year.” For the first time, Vietnamese Robusta coffee fetched a higher price than Arabica on the world market.

Experts and businesses alike refer to 2024 as a “magical year” for Vietnamese coffee, with record-breaking export prices and revenue positioning Vietnamese coffee as a key player in the global market.

Similarly, rice exports for the first 10 months of 2024 reached $4.86 billion, surpassing the entire 2023 total of $4.67 billion. Compared to the previous year, rice export values rose by 23.4%.

The average export price of rice this year was $626 per ton, a 12% increase from 2023, marking a historical high.

As of September 2024, Vietnam’s rice exports to traditional markets showed significant growth: exports to the Philippines rose by 53.3%, to Indonesia by 35.1%, and to Malaysia by 230%.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien noted that last year, Vietnam exported over 8 million tons of rice. This year, with two months remaining, exports have already reached 7.8 million tons. “Given this progress, rice exports will certainly exceed last year’s figures,” Tien remarked.

In the fruit sector, exports have also reached a record-breaking $6.34 billion in just 10 months, a 31.5% increase from 2023.

This growth is largely due to a surge in durian exports, which brought in over $3 billion. Exports to China also rose significantly, up 37.8% from last year, totaling $3.8 billion in the first nine months.

The agricultural sector projects fruit exports to surpass $7 billion by year’s end, while rice and coffee exports are on track to exceed $5 billion.

In October alone, agricultural exports totaled $5.91 billion. With an additional $5.5 billion in monthly exports expected over the next two months, the sector is poised to reach $62 billion by year-end.

An Tam