Export week from April 15-21

Export activity in the week of April 15-21: Vietnam is the largest rice exporter to Singapore, rubber exports flourished.

Vietnam is the largest rice exporter to the Singapore market

According to the Vietnam Trade Office in Singapore, the first quarter of 2024 marked the rise of Vietnam, for the first time becoming the largest rice exporter to the Singapore market, accounting for 32.03% of the market share and export turnover. Vietnamese rice to Singapore reached a higher rate than India (6.96%) and Thailand (8.28%).
Combined, Vietnam, Thailand and India are the top 3 rice exporting countries, accounting for 91.21% of the rice market share in Singapore.

According to statistics from the Singapore Business Administration, Vietnamese rice exports to the Singapore market in the past 3 months reached a turnover of 36.15 million SGD, an increase of 80.46% over the same period in 2023.

Notably, Vietnamese businesses have successfully expanded their export product portfolio to other items such as milled or peeled sticky rice and fragrant rice.

Besides Vietnam’s traditional strong product, white rice, two other product groups, sticky rice and milled or peeled fragrant rice, also rose to dominate the majority of the market share in Singapore, reaching 80.08% respectively. and 73.33%, is the main factor helping Vietnam surpass Thailand and India to become the country with the largest rice market share in Singapore.
Currently, Thailand, India and Japan are Vietnam’s biggest competitors in the Singapore rice market.

Rubber exports flourished

According to statistics from the General Department of Customs, Vietnam’s rubber exports in March 2024 reached 116,099 tons worth more than 180 million USD, a sharp increase of 32.3% in volume and 38.8% in value. Price compared to February 2024. Accumulated by the end of March, our country exported 414,317 tons of rubber worth more than 607 million USD, an increase of 8.5% in volume and an increase of 14.3% in value compared to the same period in 2023.
In terms of market, China continues to be the largest market for Vietnamese rubber. Until now, this country has always been the largest customer of Vietnam’s rubber industry with a high proportion regardless of price movements increasing or decreasing. With the advantage of low price and abundant rubber supply, Chinese partners always like to buy semi-processed rubber from Vietnam.

At the end of March, China imported 287,852 tons of rubber from our country worth more than 407 million USD, a slight decrease of 1% in volume and an increase of 3% over the same period last year. The average import price reached 1,416 USD/ton, up 5% over the same period last year.

India is Vietnam’s second largest rubber export market with 28,948 tons, equivalent to more than 45 million USD, a sharp increase of 67% in volume and 82% in value compared to the first quarter of 2023. Export prices reached an average of 1,427 USD/ton, an increase of 9%.

Korea is the third largest export market with 12,055 tons, worth more than 19.2 million USD, up 37% in volume and 42% in value. Export prices increased slightly by 4% to 1,547 USD/ton.

Vietnam is the third country in natural rubber supply, accounting for about 11.7% of the world’s total rubber, second only to Thailand 33.2% and Indonesia 27.2%. The average yield of Vietnamese rubber reaches 1,682 kg/ha, ranking first in Asia.

Import and export will reach more than 200 billion USD by mid-April 2024

In the first half of April (April 1-15), the country’s export turnover reached more than 15 billion USD. Among them, there are 4 groups with turnover of 1 billion USD or more including: computers, electronic products and components; Phones and components; machinery, equipment, tools, spare parts; textile.
In addition, many product groups achieve a turnover of hundreds of millions of USD such as footwear; means of transport and spare parts; Cameras, camcorders and accessories…

For the agricultural sector, many key export commodity groups also recorded a turnover of hundreds of millions of dollars such as: wood and wood products, seafood, coffee, vegetables and fruits, and rice.

Overall, from the beginning of the year to April 15, the country’s total export turnover reached 107.82 billion USD, an increase of 16.34% over the same period in 2023 (equivalent to an increase in turnover of more than 15 billion USD).

On the contrary, imports in the first half of April reached 16.1 billion USD. Two groups of billion-dollar imported goods in the first half of this month are: computers, electronic products and components; machinery, equipment, tools, spare parts.

Accumulated from the beginning of the year to April 15, the country’s total import turnover reached 101.1 billion USD, an increase of 15.4% over the same period in 2023 (equivalent to an increase in turnover of 13.5 billion USD).

Thus, from the beginning of the year to April 15, the country’s total import-export turnover reached 208.94 billion USD, with a trade balance surplus of 6.7 billion USD.

Vietnam’s pangasius exports to Canada increased strongly again

According to the Association of Seafood Exporters and Producers (VASEP), in the first half of March 2024, Vietnam’s pangasius exports to Canada reached 2.3 million USD, an increase of 7% over the same period last year. Accumulated from the beginning of the year to March 15, 2024, Canada imported more than 8 million USD of pangasius from Vietnam, an increase of 43% over the same period in 2023. Canada still maintains the second largest market in the CPTPP bloc in terms of consumption of Vietnamese pangasius, accounting for 20% of the total value of this sector imported from Vietnam.

VASEP said that compared to other markets in the same CPTPP block, Canadian consumers prefer dishes from pangasius fillets, frozen catfish fillets, frozen pangasius slices/circles/chunks…

According to the World Trade Center (ITC), in January 2024, Canada imported more than 900 tons from Vietnam, worth 2 million USD, down 10% in value and up 28% in volume over the same period last year. last. In 2023, Vietnam will be the source of whitefish (mainly pangasius) for Canada with more than 9,000 tons, worth nearly 31 million USD.

Canada imports pangasius from many sources such as China, Thailand and Indonesia. Pangasius also has to compete with many other types of fish on the market, especially frozen cod HS code 030363 and fresh or chilled tilapia HS 030271. In addition, Canada carries out strict inspections for import goods.

Vietnam’s pangasius exports this year are forecast to increase slightly compared to 2023, possibly reaching 2 billion USD, an increase of more than 10% compared to 1.8 billion USD in 2023.

By Ngoc Ngan
Source: congthuong.vn