High prices, Vietnam's coffee exports earn 2.8 billion USD

According to the latest statistics from the General Department of Vietnam Customs, in the first 15 days of August, the country exported 37.4 thousand tons of coffee, earning 110.8 million USD; down 23.3% in volume but only down 3.5% in value compared to the same period last year. Accumulated from the beginning of the year to August 15, our country exported a total of 1.54 million tons of coffee, equivalent to 2.81 billion USD, down 20% in volume but up nearly 5% in value due to high export prices.

Coffee exports increased by nearly 5% in value

On world exchanges, coffee prices have fluctuated in opposite directions recently. According to the Vietnam Commodity Exchange (MXV), at the end of the trading week of August 14-20, Arabica coffee experienced a series of 8 consecutive days of decline and prices only recovered at the end of the week. At the close, this commodity lost nearly 5% of its value, closing at nearly 3,307 USD/ton. Robusta coffee fell more than 6%. According to MXV, the positive crop outlook in Brazil, which helped strengthen global supply, was the main factor putting pressure on coffee prices last week.

According to preliminary statistics from the Brazilian Coffee Exporters Association (CECAFE), in just the first 16 days of August, Brazil exported 400,200 60kg bags of Robusta coffee. This is the highest Robusta export volume compared to the same period of previous months. Brazil's push to export Robusta coffee has eased concerns about a shortage of supply in the world market due to the scarcity of coffee in Vietnam.

Meanwhile, CECAFE also said that Brazil exported more than 1.4 million 60kg bags of Arabica coffee beans, up 26% compared to the amount shipped abroad in the same period last month. At the same time, the total amount of coffee shipped in the first 18 days of August reached more than 2 million bags, up about 500,000 bags compared to the same period last month.

However, the downward trend in coffee prices is considered to be only a short-term factor. In the long term, coffee prices, especially Robusta coffee, will continue to increase as demand continues to increase in markets around the world. In addition, the competitive price of Robusta coffee compared to Arabica coffee is also the reason why this product is more popular.

Recently, Vietnam's coffee exports to markets such as Italy, the United States, Japan, Russia, Algeria, the Netherlands, and Mexico have all increased compared to the same period last year. July was also the month when Vietnamese coffee prices reached a record high of 2,828 USD/ton.

If the export volume in the last months of the year is equal to the same period last year and the export price is equal to the first months of the year, the total coffee export volume for the year will reach about 1.718 million tons; the coffee export turnover will reach 4.2 billion USD, a record level so far.

This expectation comes from a number of bases. The coffee growing area has been continuously increasing in recent times (in 2022, it increased by 42.9% compared to 2005). Coffee output in 2022 reached 1.897 million tons, up 7.5% compared to 2020 and up 2.8% compared to 2021. The amount of coffee exported increased sharply, if in 2000 it reached 734,000 tons, then by 2010 it reached 1.218 million tons, in 2015 it reached 1.341 million tons, in 2020 it reached 1.565 million tons and in 2022 it reached 1.778 million tons.

Previously, 2022 was a very successful year for Vietnam's coffee exports, with an export volume of 1.78 million tons and a turnover of over 4.06 billion USD, the highest level ever. With the results of the first 8 months of 2023, we can be confident that the coffee turnover in 2023 will continue to set a new record.

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