The Ministry of Agriculture and Rural Development announced the good news that many of Vietnam's agricultural products for exports are skyrocketing in price as import demand is high and exporting businesses have expanded to more markets.

According to the Ministry of Agriculture and Rural Development’s updates, in April, the export value of agricultural, forestry and fishery products reached US$5.14 billion, an increase of 19.7 percent compared to April 2023. In the first four months of the year, the total export turnover of agricultural, forestry and fishery products was estimated at $19.06 billion, up 23.7 percent over the same period in 2023.

The Ministry of Agriculture and Rural Development added that currently, the export price of many agricultural products has skyrocketed, promoting a sharp increase in export turnover. As per the Ministry’s figure, revenues of rice reached $644 a ton, an increase of 22.2 percent while coffee reached $3,402 a ton, an increase of 49.7 percent, rubber $1,487 a ton, up 6.9 percent and pepper $4,214 a ton, up 36.4 percent. Apart from that, cashew nuts alone fetched $5,375 a ton, down 8.4 percent while tea yeilded $1,632 a ton, down 2 percent.

The Ministry of Agriculture and Rural Development also said that most of Vietnam's agricultural product import markets increased sharply in turnover. Of which, exports to Asia increased by 19.8 percent; Americas soared by 24.6 percent; Europe hiked by 38.6 percent; Oceania surged by 26 percent and Africa increased by 33.3 percent.

The United States, China and Japan maintained to be the three largest import markets for Vietnamese agricultural, forestry and fishery products. Specifically, the export value to the United States accounted for 20.1 percent, an increase of 25.7 percent; China accounted for 18.9 percent, an increase of 15.1 percent and Japan accounted for 6.9 percent, an increase of 9.6 percent.

Source: SGGP News