Vietnam’s agricultural product export may reach $23Bln

In Q1, Vietnam exported 1.85 million tons of rice, up 400,000 tons from last Q1 and it is forecasted to reach 7.1-7.4 million tons this year by MARD.

Ministry of Agriculture and Rural Development (MARD) recently raised its forecast index on the country’s agricultural product export this year whereby in 2011, Vietnam may earn $3.1-3.5 billion from rice export, $5.7-5.8 billion from seafood products, over $3 billion from rubber, $2.6 billion from coffee and cashew at $1.4-1.5 billion.

In Q1, Vietnam exported 1.85 million tons of rice, up 400,000 tons from last Q1 and it is forecasted to reach 7.1-7.4 million tons this year by MARD.

Vietnam’s seafood product export turnover in Jan-Mar reached up to $1.1 billion, rising 22 percent year on year. In April, right after the Vietnam Association of Seafood Exporters and Processors (Vasep) decided to raise the floor export price of tra catfish to EU from $3.2 to $3.4 per kilogram and to $4/kg in the US market.

The ministry predicted Vietnam’s seafood export in 2011 would fetch $5.7-5.8 billion, up $700-$800 million year on year. Of which, tra catfish export is also forecasted to increase by $300 million from the expected figure last year-end and may reach about $2 billion.

Coffee is under the bright time. The global coffee stockpile in the crop 2010-11 decreased sharply due to the limited supply. In comparison with the same period last year, the composite price index of coffee in the world has increased 75.1 percent. The coffee price in the domestic market also doubled y-o-y to 47,000-49,000 dong/kg. MARD gave optimistic forecast on coffee export in 2011 with about 1.2 million tons valued at over $2.6 billion. Previously, the ministry forecasted the figure at only over $2 billion.

According to the latest prediction from the Association of Natural Rubber Production Countries (ANRPC), the global natural rubber output in 2011 would increase 8 percent to 10.06 million tons against 9.32 million tons last year thanks to favorable weather condition. The world rubber demand would reach about 26.1 million tons this year, increasing 1.7 million tons from last year. Especially, the China’s natural rubber demand would increase 9 percent to 3.6 million tons this year.

As analyzed by Reuters on Vietnam’s rubber sector in 2011, the country’s rubber output may reach about 780,000-790,000 tons, up 4 percent y-o-y due to the expanded rubber growing area more 40,000 hectares. In Q1 2011, Vietnam exported 179,000 tons of rubber (up 5,000 tons over previously forecasted figure), earning $798 million, rising 48 percent in quantity and 50 percent in value y-o-y.

This year’s rubber export is forecasted to reach about 830,000 tons, up 50,000 tons y-o-y, earning some $3 billion.

Pepper price has increased to a new record high so far. Changeable heavy rains by the end of 2010 together with developing pestilent and insect have caused impacts on the pepper output of almost large pepper production countries such as Indonesia, Brazil, India and Sri Lanka. The International Pepper Community (IPC) forecasted the total global pepper output in 2011 would reach 310,000 tons, falling nearly 6,500 tons from last crop.

Vietnam’s pepper export in Q1 thought decreased 16.5 percent in quantity, increased 12 percent in value. The export pepper price has doubled from last Q1 to averagely at $4,450 per ton of black pepper and $6,950 per ton of white pepper.

This year, Vietnam expects to harvest about 300,000 tons of raw cashew, falling over 21 percent against previously forecasted 380,000 tons figure. Therefore, in 2011, the country may have to import about 450,000 tons of raw cashew for processing to export. In 2011, Vietnam expects to export 190,000 tons of cashew nut, earning $1.4-1.5 billion, up 32 percent y-o-y.

The country’s total export turnover of agro-forestry and fisheries products in 2010 set up a new record of $19.2 billion. MARD expects the figure this year would be about $23 billion, rising 20 percent year on year. – Vietbiz24

Tags: Vietnam agricultural product exports