Fresh coconut imports from Vietnam to the US increased by 4 digits

Fresh coconuts from Vietnam are being imported by US traders in a big way this year, putting Vietnam in the top 3 largest suppliers to this market.

Vietnam is currently one of the 10 largest coconut producing countries in the world. Photo: Son Trang

According to the International Trade Center (ITC), in the first 8 months of this year, the United States imported  45 thousand tons of fresh coconut , peeled or unpeeled (except the inner shell), worth 47 million USD, up 12% in volume and 19% in value over the same period last year.

The United States imports fresh coconuts, shelled or unshelled (except for the inner shell) from 17 countries and territories around the world. The main sources of coconuts for the United States include Mexico, Thailand, Vietnam, Costa Rica, and Dominica.

Among the fresh coconut suppliers for the US market, fresh coconut from Vietnam has grown the most. In the first 8 months of this year, the US imported nearly 3,900 tons of fresh coconut from Vietnam, worth 4 million USD. Compared to the same period last year, Vietnamese coconut imports to the US increased by 1,156% in volume and 934% in value. The growth rate of fresh coconut from Vietnam is much higher than that of other suppliers such as Costa Rica (up 50% in volume and 236% in value), Mexico (up 10% in volume and 18% in value).

While increasing purchases of fresh coconuts from Vietnam, the United States has reduced imports of fresh coconuts from markets such as Thailand, Dominica...

Thailand is the second largest market for fresh coconuts to the United States. In the first 8 months of 2024, the United States imported 11 thousand tons of fresh coconuts from Thailand, worth 14 million USD, down 15% in volume and 13% in value compared to the same period last year. Although still the second largest exporter of fresh coconuts to the US market, Thailand's share of total US coconut imports has dropped sharply, from 32% in the first 8 months of 2023 to 24% in the first 8 months of 2024.

Vietnamese coconut imports to the United States increased by 1,156% in volume and 934% in value. Photo: VNA.

Meanwhile, Vietnam's coconut market share in the total US import volume has increased sharply, from 0.76% in the first 8 months of 2023 to 8.59% in the first 8 months of 2024. That market share has helped Vietnam improve its position among the largest fresh coconut exporters to the US. If in the first 8 months of last year, Vietnam ranked 5th among the markets supplying fresh coconut to the US, then in the first 8 months of this year, Vietnam surpassed Costa Rica and Dominica to rank 3rd after Mexico and Thailand.

In August 2023, the Animal and Plant Health Inspection Service (APHIS) under the United States Department of Agriculture sent a letter to the Plant Protection Department (Ministry of Agriculture and Rural Development) informing about the US opening its market for fresh Vietnamese coconuts. Accordingly, Vietnamese coconuts imported into the United States can be in the form of completely removing the outer shell and coconut fiber or in the form of young coconuts with at least 75% (3/4) of the green shell removed. With the above document, fresh Vietnamese coconuts have returned to the US market after a period of interruption.

The Import-Export Department (Ministry of Industry and Trade) said that since being re-exported to the US market, meeting plant quarantine requirements has helped Vietnamese coconuts imported into this market grow well and open up prospects for the Vietnamese coconut industry in the coming time. Vietnam is among the top 10 largest coconut producing countries in the world, so Vietnam's coconut export potential is still very large.

The United States is the largest consumer market for coconut products. With consumers increasingly prioritizing healthy, plant-based products, the US market is experiencing an increasing demand for coconut products such as coconut water, coconut oil, coconut flour, etc. Every year, the US imports a large amount of coconut to meet domestic consumption needs.

According to Grandviewresearch, the US coconut market is expected to reach $3.88 billion by 2022, accounting for 19.2% of the global coconut product market share. The US coconut market is forecast to reach $6.55 billion by 2030. The compound annual growth rate (CAGR) from 2023 to 2030 is 6.8%. The most consumed coconut products in the US are coconut oil, coconut water, coconut milk, etc.

Souce: Ben Tre Coconut Association (BTCA), nongnghiep.vn