South Korea's imported coffee prices from Vietnam increased by 48.9%

While the average import price of coffee to South Korea from most major sources decreased, the import price from Vietnam increased by 48.9% to $2,963 per ton.

Import and Export Department (Ministry of Industry and Trade) cited statistics from the International Trade Center (ITC) saying that in the first 5 months of 2024, Korea's coffee imports reached 84.65 thousand tons, worth 463.33 million USD, up 11.4% in volume and 2.6% in value over the same period last year.

South Korea's coffee import price from Vietnam increased by 48.9%

First 5 months of 2024, coffee price The average import price into Korea reached 5,473 USD/ton, down 7.9% compared to the same period last year. Of which, the average import price of coffee from most major suppliers decreased, but the import price from Vietnam increased by 48.9%, to 2,963 USD/ton.

In the first 5 months of 2024, Korea mainly imported unroasted, decaffeinated coffee (HS 090111), accounting for 82.47% of the total volume, with a growth rate of 9.9% in volume and 33.9% in value over the same period last year, reaching 98.81 thousand tons, worth 289.34 million USD.

Similarly, South Korea increased imports of roasted, decaffeinated coffee (HS 090121), up 29.7% in volume and 21.3% in value over the same period last year, reaching approximately 8.37 thousand tons, worth 146.2 million USD.

In the first 5 months of 2024, Korea imported coffee from over 50 countries and territories around the world. The main sources of coffee for Korea include: Brazil, Vietnam, Colombia, Ethiopia, the United States, etc.

According to statistics from ITC, Brazil was the largest coffee supplier to Korea in the first five months of 2024, reaching approximately 25.2 thousand tons, worth 97.16 million USD, up 20.5% in volume and 7.7% in value over the same period last year. Brazil's coffee market share in Korea's total imports accounted for 29.76% in the first five months of 2024, higher than the market share of 27.53% in the first five months of 2023.

In the first 5 months of 2024, Korea Coffee imports from the second largest supplier, Vietnam, reached 18.83 thousand tons, worth 55.8 million USD, up 5.7% in volume and 57.4% in value over the same period last year. Vietnam's coffee market share in total imports of South Korea decreased from 23.45% in the first 5 months of 2023 to 22.25% in the first 5 months of 2024.

Similarly, South Korea increased coffee imports from Colombia, Ethiopia and the United States, increasing by 12.6%, 5.8% and 63.3% in volume, respectively. In terms of value, South Korea's coffee imports from Colombia decreased by 8.4%, while those from Ethiopia and the United States increased by 1.4% and 38%, respectively.

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