Coffee export price increased impressively, reaching more than 3,000 USD/ton

According to the latest statistics from the General Department of Customs, last February, the country exported 160,584 tons of coffee, with a turnover of 528.5 million USD, down 32.6% in volume and 27.3% in turnover compared to the previous month.

Despite a decrease in February due to the impact of the 2024 Tet holiday, overall in the first two months of the year, coffee exports are still growing impressively.

By the end of February, exports of this group of goods reached approximately 400 thousand tons, with a turnover of more than 1.25 billion USD, an increase of 16% in volume but an increase of 68% in turnover compared to the same period in 2023.

Coffee exports skyrocketed in the first two months of the year, bringing in 1.25 billion USD

This result has brought Vietnam's coffee export turnover to a new record, surpassing the 1 billion USD mark within just the first two months of the year.

Notably, Vietnam's coffee export price in February increased impressively, reaching 3,276 USD/ton, up 7.4% compared to the previous month and up 50.6% compared to the same period last year. In the two months, the average export price of Vietnamese coffee reached 3,153 USD/ton, up 44.7% compared to the same period last year.

In terms of coffee export types, Vietnam recorded growth in the export of both main coffee types, Robusta and Arabica. This growth was reflected not only in volume but also in value, especially with Robusta coffee beans accounting for nearly 1.84 billion USD, Arabica over 56.62 million USD, and decaffeinated coffee nearly 3.2 million USD.

Notably, processed coffee, including roasted and instant, contributed more than US$401 million to total export turnover.

Roasted and instant coffee exports are about 90,000 tons (not converted to green coffee), with an export value of about 510 million USD. The volume accounts for about 5.4% and the turnover accounts for about 12.5% ​​of the total coffee exports in the 2022-2023 coffee crop year.

According to the latest report of the International Coffee Organization (ICO), the world price of Robusta coffee continued to increase in February and maintained at a 30-year high. Meanwhile, global green coffee bean exports also set a new record.

The ICO report shows that coffee exports of all types from the Asia and Oceania region increased by 47.1% in January to nearly 5.1 million bags.

This was largely due to a 66% increase in Vietnam’s coffee exports to over 4 million bags, the largest monthly export volume on record, surpassing the previous record of 3.6 million bags set in March 2022.

Previously, Vietnam's coffee exports from the beginning of the fourth quarter of the 2022-2023 crop year to November reached only 6.9 million bags, a sharp decrease of 22.6% compared to the same period in 2022. The reason was that the below-average harvest led to a tight domestic supply situation, which was then aggravated when farmers held back coffee in anticipation of higher prices.

According to updates from information sites specializing in coffee prices, on March 14, the price of green coffee beans in the Central Highlands region was fluctuating around 91,000 VND/kg.

With an impressive start, experts and managers are expecting coffee exports to hit a record $5 billion in 2024.

In 2024, the Vietnam Coffee and Cocoa Association (Vicofa) forecasts that domestic coffee consumption will tend to increase. Accordingly, the domestic coffee market is expected to reach about 150,000 tons of roasted and processed coffee.

Total domestic consumption of green coffee could increase to 350,000 - 400,000 tons/year. Instant coffee output is estimated at 100,000 tons, equivalent to 230,000 tons of green coffee and is expected to increase due to many investment projects and factory expansions. Coffee exports in the 2023 - 2024 crop year could still reach 4.5 - 5 billion USD thanks to continued increases in coffee prices while output decreases.

According to the Vietnam Coffee and Cocoa Association, in the 2023/2024 crop year, Vietnam's coffee output is expected to decrease to 1.6 - 1.7 million tons, lower than the 1.78 million tons in the 2022/2023 crop year. Although the output of coffee exported to the world may decrease, the export value may still break out. It is expected that coffee exports may exceed 4.6 - 5.0 billion USD.

Source: https://congthuong.vn/gia-ca-phe-xuat-khau-tang-an-tuong-dat-hon-3000-usdtan-309203.html