Global Trade Insights·Feb 5, 2024·ysabelle

Vietnam Agricultural Market Exports 2023

Vietnam's agricultural exports in 2023 reached 27.7 billion USD. Asia remains the main market, but Africa and the Americas also showed significant growth.

Overview of Vietnam's Agricultural Market Exports in 2023

Vietnam’s agricultural exports in 2023 reached 27.7 billion USD, growing by 18.8% compared to the previous year. Asia remains the main market, but Africa and the Americas also showed significant growth. Let’s explore the most promising agricultural markets for Vietnam in 2023.

In 2023, Vietnam’s export turnover of agricultural and fishery products reached 32.5 billion USD, up 5.3% compared to 2022, accounting for about 9.1% of the country’s total exports.

Four products recorded positive export growth compared to 2022:

Fruits and Vegetables: reached 5.6 billion USD, up 66.7%.
Rice: reached 8.1 million tons, with a turnover of 4.7 billion USD, up 14.4% in volume and 35.3% in value.
Cashew Nuts: reached 644 thousand tons, valued at over 3.6 billion USD, up 24% in volume and 18.1% in value.
Coffee: reached 1.6 million tons, with a turnover of over 4.2 billion USD, down 8.7% in volume but up 4.6% in value.

Due to many impacts from the import market, the remaining items saw a decrease in export turnover in 2023, specifically: fishery products reached nearly 9.0 billion USD, down 17.8%; rubber reached 2.14 million tons, valued at 2.9 billion USD, down 0.1% in volume and 12.8% in value; cassava and cassava products reached nearly 3 million tons, valued at 1.3 billion USD, down 9.1% in volume and 7.3% in value; pepper reached 266 thousand tons, valued at 910 million USD, up 16.3% in volume but down 6.2% in value; tea reached 120 thousand tons, valued at 208 million USD, down 18% in volume and 12% in value.

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Asia: Strong and Growing Agricultural Market

Asia continues to be Vietnam’s largest agricultural export market, accounting for 75% of total exports, reaching 19.5 billion USD, growing by 14.7% compared to 2022.

China: Vietnam’s largest agricultural export market, reaching 9.8 billion USD, growing by 5.6% compared to 2022. Major export items include fruits and vegetables, cashew nuts, fishery products, and wood.
Japan: The third-largest market, reaching 2.1 billion USD, down 6.2% compared to 2022. The decline is mainly due to a decrease in shrimp exports.

Americas: Slight Decline but Still Holds Potential in Agricultural Market

Vietnamese agricultural exports to the American market only reached 4.1 billion USD, down 15.2% compared to 2022. This decline is mainly due to the impact of inflation and economic recession. However, the United States remains Vietnam’s second-largest agricultural export market, reaching 3.3 billion USD.

Africa: New Destination with Impressive Growth in Agricultural Market

The African market emerged as a promising destination for Vietnamese agricultural products, reaching 1.05 billion USD, up 25% compared to 2022. Key export items to this market include rice, coffee, cashew nuts, and fishery products.

Conclusion: Future of Vietnam's Agricultural Market Exports

In 2023, Vietnam’s agricultural exports demonstrated resilience and adaptability to global market fluctuations. By diversifying markets, focusing on quality, and adding value, Vietnamese agricultural products are steadily affirming their position on the international stage.

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