News

Vietnamese agricultural products deeply enter into the USA

Trường Lăng

September 15, 2022

News

Vietnamese agricultural products deeply enter into the USA

Trường Lăng

September 15, 2022

Table of Contents

The USA has widened the gap with China, become the top customer of Vietnam’s agricultural, forestry and fishery products in the first eight months of this year thanks to the figure of USD 9.6 billion.

Recently, the US authorities announced the valuation completion of the procedures and officially permitted to import pomelos from Vietnam. The USA gave Vietnam the opportunities for Vietnamese agricultural products to deeply enter into the US market.

The USA becomes the top customer

As a nation with the strengths in agriculture, Vietnam’s agricultural export turnover is ranked at the 17th in the world and the third in Southeast Asia. So far, Vietnamese agricultural products have been exported to 196 countries and territories.

Chinese market has occupied the leading position in importing Vietnam’s agricultural, forestry and fishery products for a long time. In 2019, our country’s export turnover of agricultural products is USD 41.3 billion; in which Chinese market accounts for 27.8%, gaining USD 11.48 billion; followed by the USA with the market share of 21.9%, gaining USD9.04 billion.

By 2020, even though the difficulties from the global Covid-19 pandemic resulting in disruptions to the transport supply chain, the agricultural export still earns $41.25 billion. Remarkably, the historic turn took place in 2020 when the USA became the biggest customer of Vietnamese exported agricultural products.

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Export of agricultural products to the USA is USD 11 billion, up 23.2% compared to 2019, accounting for 26.7% market share in the total export value of Vietnamese agro-forestry-fishery products in 2020.

That means that China is pushed down to the second position. Exports to this market is down 5.3%, accounting for only 25.1% of the export value of the agricultural sector.

By 2021, the export turnover of the whole industry is USD 48.6 billion. The USA continues to be the main market, gaining over USD 13.36 billion, accounting for 27.5% market share; it left the second market, China with nearly USD 9.3 billion, accounting for 19.2% market share.

The USA continues to widen the gap with China, maintaining its position as the top customer of Vietnamese agricultural, forestry and fishery exports, accounting for 26.4% market share, thanks to the figure of $9.6 billion in the first eight months of 2022 meanwhile the export turnover to China stopped at USD 6.5 billion, accounting for 17.8% market share. 

The USA becomes the main market of many groups of Vietnamese exported agricultural products shown in the statistical data. For example, the USA accounts for over 60% of the export market share of wood and wood products, gaining US$5.84 billion in the first seven months of 2022. The USA is also the biggest customer, with a turnover of nearly USD1.48 billion in the seafood.

Similarly, Vietnam is the top nation exports the cashew nuts to the US market, gaining over USD510 million, accounting for nearly 30% of the nation total cashew nut export volume and turnover.

Currently, the USA is also the biggest customer of Vietnamese pepper. Especially, Vietnam’s pepper market share in total US imports is up from 64.48% to 74.65% in the first 5 months of this year over the same period last year.

Although some items are occupying an overwhelming market share in the total amount of the US imports, the fact that, in addition to the group of wood products and aquatic products, most other items are raw materials exported at low value. For example, for coffee, Vietnam is one of the three main coffee suppliers to the US. However, coffee average price imported by the USA from Vietnam is the cheapest, only USD2,367/ton. It is avoidable when 90-95% of export output is Robusta coffee. Meanwhile, Brazil and Colombia (like most coffee producing countries in Latin America) export almost 100% Arabica coffee. The price of Arabica coffee beans is usually high as 2, 3, 4 times the price of Robusta beans.

For the items of vegetables and fruits, the USA is the world’s largest import market, up to USD 25.5 billion in the first 5 months of 2022. However, imports from Vietnam only accounts for 0.75% of the total value price.

Source : VietNam.Net

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