The Import-Export Department under the Ministry of Industry and Trade quoted statistics from the US International Trade Commission, showing that the US imported 1.43 million tonnes of rubber in the first ten months of 2023. However, Vietnam is only the 13th largest rubber supply market for the US, with 20,370 tonnes, worth 28.99 million USD.

Seafood processing for export at Cafatex Corporation in Hau Giang Province.

Vietnam’s rubber accounted for only 1.42% of the US’s total rubber imports in the first ten months of 2023, down from the 1.66% rate in the first ten months of 2022. Vietnam’s rubber exports to the US are facing competition from many markets, especially Indonesia (accounting for 25.13% of the US’s total rubber imports) and Thailand (accounting for 14.28%).

Despite declines in volume and value compared to the same period in 2022, Vietnam’s cashew market share still accounts for 88.7% and 88.21% of the US’s cashew import volume and value, respectively.

Regarding seafood products, the US’s seafood imports from the markets of India, Ecuador, Vietnam, Japan and the Netherlands have all risen in volume from October 2023, of which Vietnam is the market with the largest increase in import volume and the second-largest increase in import value.

Notably, the US’s imports of shrimp, tra fish and tuna from Vietnam expanded positively. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam is currently the 6th largest seafood supply market for the US, after Canada, Chile, India, Indonesia, and Ecuador.

VASEP said that the rate of product inventory at distributors and retailers in the US has decreased to an average level, which can stimulate businesses here to raise inventory accumulation again, an opportunity for Vietnam to export seafood to the US market. 

In addition, the US demand for canned fish is currently soaring sharply. Specifically, the revenue of the US canned seafood industry went up from 2.3 billion USD in 2018 to more than 2.7 billion USD in the first ten months of 2023. Products such as lemon-cured sardines and mackerel curry are gradually becoming popular in the US.

The consumption trend of tra fish in the US market in 2024 is forecast to focus on frozen fish fillets, Vietnam’s advantage, in addition to processed and high-added value products, as well as by-products, including fish maw and grilled chopped fish. This requires Vietnam’s seafood industry to diversify products and concentrate on deeply processed products to increase competitiveness in this large market.

Do Ngoc Hung, Commercial Counselor of the Vietnam Trade Office in the US, said Vietnam’s total export turnover of cinnamon to the US reached about 50 million USD in 2022, accounting for 35% of the US’s total import turnover of cinnamon.

Cinnamon and anise are not only popular spices but are also widely used in the food, pharmaceutical, and cosmetic industries and have recently been added to beverage products such as tea, coffee, and other products. Vietnam’s total export turnover of anise to the US hit about 5 million USD in 2022, accounting for 13% of the US import turnover of anise.

Do Ngoc Hung said: “In the US market today, consumers are increasingly interested in products that improve resistance, especially after the Covid-19 pandemic, so the demand for cinnamon and anise essential oils is constantly growing.

On the other hand, American consumers also believe that cinnamon and anise are not only products that are beneficial to health but also crops that contribute to protecting nature and the ecological environment and preserving soil and water in steep mountainous areas. 

They are also valuable in protecting precious indigenous genetic resources and helping ethnic minorities increase their income and improve their lives.”

“These are great values in sustainable development, helping promote Vietnamese cinnamon and anise products in the US market. In addition, localities need to have plans to ensure high-quality raw material areas according to organic standards to enhance competitiveness with similar products from other countries, such as Indonesia, Sri Lanka, and India. Processing enterprises should boost the application of science and technology to improve product refinement content and participate in international fairs to widely promote Vietnamese cinnamon and anise products in the US market,” Do Ngoc Hung added.

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Luc Ngan farmers sell most of citrus fruits with good price

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Bac Giang’s farm produce sold out at high price

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Luc Ngan farmers enjoy bumper orange season with high selling price

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Source: VNA