Vietnam’s agricultural exports are booming in 2024, with the U.S. emerging as the new top destination. The Ministry of Agriculture and Rural Development reports that farm, forest, and seafood exports hit $40.08 billion in the first eight months, jumping 18.6% year-over-year.
August saw exports surge 12.3% to $5.55 billion. Crop exports led the charge, climbing 22.6% to $2.99 billion. Forest products followed with $1.45 billion, up 4.7%, while seafood rose 5% to $900 million.
The U.S. now claims the top spot for Vietnamese agricultural imports, spending $8.58 billion from January to August. This 23.5% increase gives the U.S. a 21.4% market share. China slipped to second place with $8.17 billion in imports, up 10.2% for a 20.4% share. Japan rounds out the top three at $2.68 billion, up 4.6%.
Fruit and vegetable exports stand out as star performers. August exports rocketed up 52.8% year-over-year to $750 million. The eight-month total reached $4.63 billion, a 30.6% jump. China remains the biggest buyer of Vietnamese produce, accounting for 64% of fruit and vegetable exports at $2.93 billion.
Vietnam’s agricultural success spans global markets. Asian countries bought $19 billion worth of goods, up 15.7%. The Americas followed at $9.3 billion, a 22.3% increase. European purchases surged 30.5% to $4.8 billion. Africa and Oceania also saw growth, with imports rising 5.5% and 12.8% respectively.
While most sectors thrived, livestock exports dipped 4.8% to $46.5 million. Production inputs also fell, down 23% to $161 million.
As 2024 progresses, Vietnam’s agricultural sector shows no signs of slowing down. With diverse markets and strong growth across product categories, the country’s farmers and exporters are reaping the benefits of global demand.
