Vietnam increases revenue from exports of agricultural products

In the past few months, Vietnam has been making good money by selling rice, vegetables and fruits abroad.

Local exporters are receiving significant income due to a combination of two factors: increasing volumes of supplies abroad and high prices.

For example, in January-August 2023, Vietnam sent about 6 million tons of rice abroad. This is almost the same amount as was sent for the entire 2022.

Moreover, in the first 8 months of this year, total revenue from rice amounted to more than $2 billion.

By the end of the year, the country plans to sell about 1 million more tons of rice, which should bring in about $600 million additionally.

In addition, over 8 months of this year, Vietnam exported significant volumes of durians (an exotic fruit with a strong odor), revenue from their sales amounted to about $1 billion.

The export of bananas is also doing well: today they are actively supplied to Japan, South Korea, and also to China.

The difficult situation in other countries where banana harvests have declined has become a good opportunity for Vietnamese farmers to fill this niche. It is expected that the total revenue from banana sales will be up to $500 million.

Things are even better with coconuts.

The list of countries where they can be supplied is currently expanding.

In particular, Vietnamese coconuts were recently allowed to be imported to the United States, and China is also currently considering this possibility. If we manage to reach an agreement with him, then the export of Vietnamese coconuts can increase multiple times, up to 2-3 times.

Naturally, this opens up wide opportunities for increasing production volumes. In this case, the amount of revenue that Vietnam will receive from this type of product could increase to $250 million.

Coffee exports are not far behind.

As of the end of August, coffee supplies outside Vietnam amounted to 1.2 million tons, and revenue approached $3 billion.

Despite the fact that the volume of physical deliveries decreased compared to last year, increased prices allowed revenue to increase by 6%.

This price increase is also due to the relatively low coffee harvest in neighboring countries, which has caused a shortage in the market.

In total, Vietnam expects to sell about 1.7 million tons of coffee abroad by the end of the year, and total revenue could rise to $4.2 billion.

Finally, in January-August, Vietnam sold 400 thousand tons of cashew nuts worth $2.3 billion.

This is an increase of about 15% compared to last year. The main buyers were China, Great Britain, Germany, as well as the UAE and Saudi Arabia.

In total, Vietnam plans to earn up to $5 billion this year from the export of vegetables and fruits, according to statements by local officials.

This is a significant value that occupies a very prominent place in the overall structure of Vietnamese exports.