AsemconnectVietnam - Vietnam’s exports of agricultural goods have prospered in the first 2 months of the year. In particular, there were two product groups in this field earned a turnover of 1 billion USD or more, including wood and wood products, and coffee.

The main export markets of the two products mentioned above were the United States, China, Japan, and EU countries.
In addition, the statistical data from the General Department of Customs recorded that export turnover to important markets all have positive growth rates, with many markets growing in high double digits.
With the above impressive start, several experts, managers and the business community are expecting record export numbers for the above product groups this year.
Of which, wood and wood products are aiming for a turnover of 16 billion USD; while coffee targets a turnover of 5 billion USD.
Exports of wood and wood products in February and the first 2 months of 2024
In the first 2 months of 2024, the export value of wood and wood products reached 2.2 billion USD, an increase of 33% over the same period of 2022. Of which, the export value of wood products reached 1.5 billion USD, an increase 42.8 compared to the same period of 2022.
The Import-Export Department (under the Ministry of Industry and Trade) cited the statistics figures from the General Department of Customs as saying that although in February of 2024, the export value of wood and wood products reached 765.7 million USD, down by 47.8% compared to January of 2024 and down by 13% compared to February of 2023. Of which, wood product export turnover reached 474.4 million USD, down by 53.8% compared to January of 2024 and down by 15.4% compared to February of 2023. The exports of wood and wood products decreased sharply compared to the first month of the year due to export activities being interrupted by the Lunar New Year holiday.
However, in the first 2 months of 2024, the export value of wood and wood products reached 2.2 billion USD, an increase of 33% over the same period in 2022. Of which, the export value of wood products reached 1.5 billion USD, an increase of 42.8 over the same period of 2022.
Export markets for wood and wood products in the first 2 months of 2024
According to the Import-Export Department, in 2024, although there are still many difficulties and challenges, the prospect of exporting wood and wood products has shown positive signs. The export value of wood and wood products in the first 2 months 2024 has seen positive growth. Notably, the consumption of goods in many large markets such as the United States and Europe is receiving gradually better signals, promoting import orders, including wood and wood products.
Therefore, the export value to key markets had positive signals in the first 2 months of 2024. Leading the export value was the United States market, reaching 1.2 billion USD, an increase of 51.7% compared with the same period of 2023. It was followed by the Chinese market, reaching 206.3 million USD, an increase of 25.3%; Japan with 270.3 million USD, up by 0.2%; South Korea with 112.4 million USD, down by 12.1%.
Besides the US and European markets, the exports to potential markets also grew well such as to Canada, Australia, and India. Notably, the value of wood exports to India in the first 2 months of 2024 reached 21.7 million USD, an increase of 153.5% over the same period of 2022. Increasing population and urbanization are the main factors causing the demand to import wood and wood products into the Indian market tends to increase.
Therefore, the Import-Export Department believes that to seize this opportunity, businesses need to diversify designs to suit consumption needs in the Indian market, and at the same time product prices are also very competitive.
Coffee exports reached a record, exceeding the turnover mark of 1 billion USD
In the first 2 months of this year, Vietnam's coffee exports earned 1.38 billion USD, export turnover set a record when surpassing the 1 billion USD mark.
The preliminary statistics figures from the General Department of Customs showed that in February, Vietnam's coffee exports reached 200,000 tonnes, worth of 655 million USD. In comparison to February of 2023, the country’s coffee exports decreased by 0.2% in volume, but increased sharply by 50.3% in value.
Totally in the first two months of 2024, Vietnam exported about 438,000 tonnes of coffee, earning 1.38 billion USD, an increase of 27.9% in volume and an increase of 85% in value compared to the same period of 2023. Accordingly, coffee export turnover set a historic record when it surpassed the 1 billion USD mark after only 2 months.
Notably, export coffee prices increased sharply. In February, Vietnam's average coffee export price was estimated at 3,276 USD/tonne, an increase of 7.4% compared to the previous month and a sharp increase of 50.6% compared to February of 2023. In the first two months of 2024, the average export price of our country's coffee reached 3,153 USD/tonne, an increase of 44.7% over the same period of 2023.
Regarding types, Vietnam increased exports of Robusta and Arabica coffee, but decreased exports of Excelsa and processed coffee. In particular, Vietnam promoted the export of Robusta coffee to many markets, such as Italy, Spain, Russia, Indonesia, Belgium, China, and Philippines.
Recent forecasts showed that world coffee prices will be under downward pressure in the near future due to sell-off activities by funds and speculators, despite concerns that the supply is being tightened due to transportation problems, international shipping and global demand for coffee is increasing.
Global coffee exports in December of 2023 increased by 13.6% over the same period last year, to 12.2 million bags, thereby bringing total coffee exports in the first 3 months of the current crop year 2023-2024 to 32.4 million bags, an increase of 6.8% over the same period of the previous crop year.
The coffee output is forecast by the Coffee and Cocoa Association to decrease by 10% compared to the previous crop year to 1.6 million tonnes. The reason is that the coffee growing area has shrunk as farmers have shifted their cultivation.
Estimated data on Vietnam's coffee exports increased sharply in the first two months of 2024 and it is expected that Brazilian coffee production in the 2024-2025 crop year is higher than previous forecasts due to reduced dry weather, while USD/BRL exchange rate fluctuations have encouraged the people of this country to promote export coffee sales.
Coffee is the product with the third highest export turnover in the agricultural sector, second only to wood and seafood products. But the export value of coffee is only 22 million USD lower than that of aquatic products.
With this situation, experts predict that coffee exports can reach 4.5-5 billion USD in 2024. This year will be the year with a new record for Vietnam's coffee export turnover.
CK
Source: VITIC/congthuong.vn/haiquanonline.com.vn