Vietnam's coffee export turnover in 2023 is a record high, reaching 4.24 billion USD

According to preliminary statistics from the General Department of Customs, Vietnam's coffee exports in December reached 207,613 tons with a value of more than nearly 600 million USD, a sharp increase of 74% in volume and 68.1% in value compared to the previous month. The turnover reached nearly 599.5 million USD - the highest in the past 15 years, up 68.1% compared to November 2023 and up 40.8% compared to December 2022.

The average export coffee price in December 2023 continued to decrease slightly by 3.4% compared to the previous month, reaching 2,887 USD/ton, but still increased sharply by 33.5% compared to the same period in 2022.

In 2023, Vietnam's coffee exports are expected to reach 1.62 million tons, down 8.7% compared to 2022; but the turnover will reach a record high of more than 4.24 billion USD, up 4.6% compared to 2022.

Vietnam's coffee exports in 2023 increased sharply to a record high of 4.24 billion USD

The average export price of coffee in 2023 will reach 2,614 USD/ton, an increase of 14.5% compared to 2022.

The decrease in output but the increase in turnover is due to the export price continuously increasing sharply in 12 consecutive months, reaching an average of 2,613.8 USD/ton, an increase of 14.5% over the same period in 2022.

Among the export markets, the three largest markets are Germany, Italy and Japan with market shares in turnover of 10.8%, 7.7% and 7.5% respectively.

Specifically, our country exported 196,090 tons of coffee to Germany and earned more than 458 million USD, down 12.7% in volume and 3.3% in value. Italy spent more than 281 million USD to import 125,226 tons of coffee from Vietnam, up 2.1% in volume and 10% in value. As for Japan, our country exported 111,003 tons of coffee to this country since the beginning of the year and earned more than 319 million USD, up 1.5% in volume and 15% over the same period last year.

Currently, Vietnamese coffee is present in more than 70 countries and territories. Vietnam is the second largest coffee exporter in the world. Compared to other coffee producing countries in the world, Vietnam's coffee area ranks 6th after Brazil with a total area of ​​nearly 1.9 million hectares, Indonesia with a total area of ​​over 1.2 million hectares, Colombia and Ethiopia with over 800 thousand hectares, and Ivory Coast with nearly 800 thousand hectares.

Although Vietnam is the 6th largest coffee growing country in the world, its coffee productivity is the highest in the world and it is the second largest coffee exporter in the world, behind only Brazil. Vietnam's average coffee productivity is 1.4 times higher than Brazil's, 2.8 times higher than Colombia's and 4.5 times higher than Indonesia's.

Concerns that farmers will limit sales have pushed up Arabica prices.

According to the Vietnam Commodity Exchange (MXV), from the lowest level in a month, Arabica prices increased by 1.6% in yesterday's trading session (January 11). Meanwhile, Robusta prices decreased slightly by 0.41% after 5 consecutive sessions of increase. Although the USD/BRL exchange rate increased during the coffee trading period, concerns that farmers would limit sales pushed Arabica prices up.

The Dollar Index rose sharply right after the US CPI in December increased by 3.4%, higher than the market's forecast of 3.2% as well as the 3.1% in November. This contributed to the increase in the USD/BRL exchange rate. The exchange rate increased but farmers still had the mentality of holding on to their goods to wait for prices to increase, causing buying power to dominate and push prices higher.

Increased coffee shipping costs due to the impact of Red Sea tensions helped keep Robusta prices from falling too sharply yesterday.

Coffee is a famous drink, many foreigners express their love when enjoying the delicious taste and experiencing the Vietnamese coffee culture.

According to information from the Vietnam Coffee and Cocoa Association (Vicofa), domestic coffee prices are expected to remain high in 2024 due to a severe supply shortage in the 2022/2023 coffee crop.

The association estimates that there is a shortage of about 1.5 - 2.5 million bags of coffee under contract and needs to be met from the current coffee harvest, while farmers are still reluctant to sell coffee at current prices, pushing prices to continue to rise on the London floor.

According to statistics from Vicofa, Europe currently consumes about 40-50% of Vietnam's coffee exports and this region still has good demand. Therefore, with the current large shortage of supply, coffee prices are forecast to continue to be high in 2024.

The International Coffee Organization said rising tensions in the Red Sea have forced some shipping lines to reroute their coffee shipments. As a result, for Southeast Asian and East African coffee bound for Europe, unforeseen impacts include increased shipping costs as some shipping companies have introduced surcharges to compensate for the extended transit times.

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