Germany is the largest importer of Vietnamese coffee.

Preliminary statistics from the General Department of Customs show that as of June 15, Vietnam's coffee exports reached more than 862,400 tons, worth 3.04 billion USD, down more than 8% in volume but up 38% in value compared to the same period last year.

This is also a record high compared to the same period of previous years. Germany is the country that imports the most coffee from Vietnam. This figure is also equivalent to the coffee export turnover of the whole year 2021.

In May, the average export price of Vietnamese coffee reached 4,275 USD/ton, up 14% compared to April and up 66% compared to May 2023. In the first 5 months of the year, the average export price of Vietnamese coffee reached 3,475 USD/ton, up 41% over the same period last year.

In May, Vietnam's coffee exports to most traditional and potential markets decreased, except for China. In the first 5 months, Vietnam reduced coffee exports to Germany, Italy, the US, and Russia, but increased exports to Spain, Japan, Indonesia, the Philippines, the Netherlands, and China.

Specifically, in the first 5 months of the year, Germany imported 104,375 tons of Vietnamese coffee, worth nearly 350 million USD; Italy imported 80,655 tons, worth more than 254 million USD; the US imported 50,033 tons, worth nearly 170 million USD; Japan imported 56,931 tons, worth more than 210 million USD; Spain imported 60,805 tons, worth 217 million USD; Russia imported 43,964 tons, worth nearly 162 million USD; China imported 22,105 tons, worth 84 million USD...

Germany is the largest importer of Vietnamese coffee.

The price of Robusta coffee on the London floor for delivery in July 2024 increased sharply to 4,205 USD/ton; the delivery term in September 2024 increased to 4,060 USD/ton.

On the New York floor, the price of Arabica coffee for September 2024 delivery fell to 226.25 cents/lb; the price of November 2024 delivery fell to 224.85 cents/lb.

In the domestic market, green coffee prices are still on the rise. On June 20, green coffee was traded around 120,000-121,200 VND/kg.

Currently, in major coffee growing regions of our country, drought and pests have severely affected the productivity of this crop. Coffee output in the 2023-2024 crop year is estimated to decrease by 20% compared to the previous crop year, down to 1.47 million tons. This is the lowest level in 4 years, putting pressure on the supply of Robusta coffee on the world market.

According to experts, Vietnam has the world's largest Robusta coffee output, so the sharp decrease in supply has contributed to the recent increase in prices of this bean.

According to the Ministry of Agriculture and Rural Development, the amount of coffee remaining in the domestic market is very small. The coffee output of the upcoming crop is forecast to continue to decrease by about 20% due to the recent prolonged heat wave leading to severe drought in the Central Highlands.

In the first 8 months of the 2023-2024 crop year (October 2023 to May 2024), Vietnam exported nearly 1.2 million tons of coffee, equivalent to 80% of the current crop year's output and down 7% compared to the same period last crop year. According to estimated output, the domestic coffee supply (excluding inventory) is only about 300,000 tons left for export before entering the new crop year.

According to the Vietnam Coffee and Cocoa Association (VICOFA), the domestic coffee supply is almost exhausted, and the inventories of businesses and farmers are not large. Therefore, the export volume from now until the end of September 2024 will gradually decrease even though coffee prices are at a record high.

In the Central Highlands, Vinh Hiep Company Limited and Simexco Daklak Company both said that the amount of goods in stock will only be enough to sell until around June, not until the new harvest.

In fact, over the past two decades, low coffee prices have forced many farmers to abandon the crop. Combined with historic drought conditions caused by El Nino, this year’s output has plummeted, pushing coffee prices to record highs.

Mr. Le Duc Huy - General Director of Simexco Daklak Company - warned that if there is not enough irrigation water, it will be very difficult to ensure the coffee yield of this new crop.

According to coffee industry experts, in the coming time, the price of this type of bean will likely fluctuate less strongly than in the first months of this year but will still maintain a high level. The reason is that Brazil is in the peak harvest season, while in our country, it will be harvest season in October.

The Ministry of Agriculture and Rural Development predicts that with our country's coffee output, this year, the export turnover of this industry will reach over 5 billion USD - the highest level in history.

Source: https://congthuong.vn/duc-la-quoc-gia-nhap-khau-ca-phe-lon-nhat-cua-viet-nam-327408.html