In 2023, the U.S. was the second largest market for Vietnam’s agro-forestry-fishery products, accounting for 20.7% of its total export turnover.
According to the Foreign Trade Agency under the Ministry of Industry and Trade, statistics from the U.S. International Trade Commission showed that in the first 10 months of 2023, the U.S. imported 1.43 million tons of rubber. However, Vietnam exported just 20,370 tons worth 28.99 million USD to the U.S., ranking 13th among rubber suppliers to this market, and making up only 1.42% of the U.S.'s total rubber imports.
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The U.S.'s imports of shrimp, tra fish, and tuna from Vietnam saw positive growth. (Photo for illustration) |
In the U.S. market, Vietnamese rubber has to compete with that from many markets including Indonesia and Thailand whose market share in the U.S. reached 25.13% and 14.28% respectively.
Meanwhile, in 2023, up to 88.7% of total cashew nuts imported into the U.S. were from Vietnam.
Among fisheries exporters to the U.S. in the 10 months of last year, Vietnam was the one with the strongest increase in volume and the second highest rise in value.
Notably, the U.S.'s imports of shrimp, tra fish, and tuna from Vietnam saw positive growth. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam is currently the 6th largest aquatic product supplier to the U.S., after Canada, Chile, India, Indonesia, and Ecuador.
Regarding the consumption trend of tra fish in 2024, the U.S. will not only focus on frozen fillet fish – a key product of Vietnam but also gradually increase consumption of processed tra fish and high value-added products such as swim bladder and tra fish paste. This requires the Vietnamese seafood industry to diversify its products and focus on deep processing to increase competitiveness in this major market.
Regarding other products, Trade Counselor of Vietnam in the U.S. Do Ngoc Hung said that in 2022, the total export turnover of cinnamon from Vietnam to the U.S. reached about 50 million USD, accounting for 35% of the U.S.'s total cinnamon impor turnover. Vietnam’s cardamom shipments to the U.S. fetched about 5 million USD, making up 13%.
Cinnamon and cardamom are not only popular spices but are also widely used in the food, pharmaceutical, and cosmetic industries. They have also been added to beverages such as tea, coffee, and other nutritional supplements.
Hung said that U.S. consumers are increasingly interested in immune-boosting products, especially after the COVID-19 pandemic, so the demand for cinnamon and cardamom essential oils continues to rise.
These are significant values in sustainable development and have the potential to promote Vietnamese cinnamon and cardamom exports in the U.S. market, Hung stressed.
He suggested localities have plans to ensure high-quality raw material areas with the application of organic farming standards to enhance Vietnamese products’ competitiveness against similar products from other countries like Indonesia, Sri Lanka, and India.
Processing businesses should promote the application of scientific and technological advances and actively participate in international trade fairs to widely promote Vietnamese cinnamon and cardamom products in the market, he said.
Source: VNA