Exports: breakthroughs from billion-dollar commodity groups

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Chart of 5 largest export groups of the whole country on November, 2016 (unit price: billion US dollar). Chart: T. Binh

More than $US 140 billion contributed.

The above result increased by 7.8% over the same period of 2015 and corresponded to the growth of the same period last year. If the growth remains in December, 2016, the export growth of 2016 is likely to be higher than the Government’s estimates (the Government estimated an increase from 6% to 7%)

Important contributions to the result are key export groups with a turnover of more than $US one billion. By the end of November 2016, the quantity of billion-dollar commodity groups still remained at 23 and is unchanged against the same period in 2015. However, if analyzing carefully the quality, we can see that these commodity groups had significant growth.

Specifically, in 2015, the commodity groups with negative growth were up to 6 groups of 23 billion-dollar export groups, which were crude oil (down by 49%), coffee (down by 27.5%), seafood (down by 16.9%), iron and steel (down by 15.1%), rice (down by 7.6%) and fiber and yarn (down by 0.1%). While in 2016, the commodity groups with negative growth were only 3, which were crude oil (down by 38.8%), rice (down by 22%) and cameras and movie cameras (down by 3.7%)

Notably, in 2016, many key export groups have growth of double figures, especially some commodity groups which were in negative growth in last year, such as seafood which deeply declined in value in 2015 has up streamed with growth of 7% (equivalent to $US 420 million), contributed approximately $US 6.4 billion to the country’s total turnover, or coffee which was from negative growth in double figures in 2015 to a drastic breakthrough in turnover growth of 25.5% (equivalent to $US 611 million), contributed $US 3 billion.

Meanwhile, the largest export groups are telephones and accessories which were affected by the problem of the Galaxy Note 7 of the Samsung group, remaining at a growth rate of 11.1%, which contributed $US 31.604 billion to the country’s total export turnover. Though the growth rate was not equal to the growth rate of 29.4% in 2015, with the export value of tens of $US billion and the growth rate of 11.1%, this commodity group also reached value of $US 3.165 billion.

Thanks to the change in the growth quality above, by the end of November 2016, 23 key export groups obtained total export turnover of $US 140.019 billion, increased nearly $ US 11 billion over the same period in 2015 and accounted for 87.54% of the country’s total export turnover.

Agricultural products are prosperous.

Another positive sign in exports in the first eleven months of 2016 is the growth of commodity group in agriculture – an important economic sector. After the gloomy period of 2015, the export of this sector has been prospering.

In the export groups in the agricultural sector, the commodity group which continued to maintain its No. 1 export rank was seafood with a turnover worth $US 6.4 billion. However, the commodity group in the agricultural sector which had an impressive growth is vegetables and fruits with an increase of $US 2.181 billion, with the absolute increased value of $ US 513 million, equivalent to an increase of nearly 31% over the same period of 2015. This is one of the billion-dollar export groups with the highest growth rate of the country. With the turnover rank above, te vegetables and fruits rose from 5th to 4th among the key export agricultural groups of our country.

Besides the two groups mentioned above, cashews and coffee are also impressive export agricultural groups. Of which, cashews reached turnover of $US 2.6 billion, increased $US 407 million compared to the same period in 2015. The other good news for this key agricultural group is the remarkable increase of the average price compared to the same period of 2015. Specifically, the average price of cashew exports of 2016 reached $US 8,111/ton, up by over 11% over the same period (the average price of $US 7,289 / ton).

Talking to a Customs correspondent, Mr. Dang Hoang Giang – Deputy President cum Secretary General of the Vietnam Cashew Association assessed that the performance of the cashew exports in 2016 was bright. The average export price was considered as the highest rate in the history of the cashew industry.

The export target of cashew nuts in 2016 was estimated to reached $US 2.5 billion, up $US 200 million compared to 2015. However, by the end of November, 2016 the turnover has exceeded the whole year’s target" – Mr. Dang Hoang Giang emphasized.

The main export product groups in the first 10 months of 2016 VCN- According to the statistics of the General Department of Customs, for the first 10 months of ...

The Deputy President cum Secretary General of the Vietnam Cashew Association shared that the products of the Vietnam cashew industry are present in over 90 countries and territories. The largest markets are US, EU and China.