Five-month farm exports to Russia soar by 48.7%

According to preliminary statistics from the General Department of Customs, up to late May 2024, agricultural export turnover to this market reached US$331.3 million, an increase of 49.7% over the same period from last year.

Coffee recorded the largest export turnover to the Russian market, with US$161.6 million, up 39% on-year. This was trailed by seafood with USS$76.4 million, an increase of 87.7 %; cashew nuts with US$28 million, a rise of 81.8%; and fruit and vegetables with US$26.8 million, up 25.2%.

Furthermore, rubber exports to this market surged by 23.8%; wood and timber products increased by 47.6%; rice exports doubled; and pepper rose sharply by 96.9%. Compared to the same period from 2023, only tea products recorded a negative growth of 12%.

Russia is not a major export market for many types of Vietnamese agricultural products. However, the past five months of the year has seen the export of agricultural products to the Russian market increase sharply.

According to details given by the Vietnam Association of Seafood Exporters and Producers (VASEP), transporting goods from the nation to Russia has become more convenient. Russian transport corporations have opened direct transport routes from Ho Chi Minh City - Hai Phong - Vladivostok (Russia). In addition, a number of other shipping companies have launched new routes, helping to transport goods faster and with shorter transit times.

Moreover, the railway transport system supports deliveries with Russia, thus diversifying freight transport models.

Tariff incentives after the country signed the Vietnam-Eurasian Economic Union Free Trade Agreement (VN-EAEU FTA) in 2015 have also helped Vietnamese agricultural products to sharpen their competitiveness in the EU market, including Russia.

Source: VOV