Coffee export turnover in 2023 is at a record high, estimated at 4.18 billion USD

According to data from the General Statistics Office, Vietnam's coffee exports in December 2023 continued to increase strongly and reached the highest level in the past 9 months, reaching 190,000 tons, up 59.3% compared to November 2023, but still down slightly by 3.5% compared to the same period last year. Export turnover reached 538 million USD, up 51% compared to November 2023 and up 26.4% compared to the same period last year.

Coffee exports in 2023 will benefit in price

Overall, in 2023, Vietnam's coffee exports are estimated to reach 1.61 million tons, down 9.6% compared to 2022. However, due to a sharp increase in export prices, turnover still increased by 3.1%, to a new record high of 4.18 billion USD.

The average export price of coffee in December 2023 reached 2,834 USD/ton, down 5.2% compared to the previous month and up 31.1% compared to the same period last year. In 2023, the average export price of coffee reached 2,604 USD/ton, up 14.1% compared to 2022.

Robusta coffee prices rise 0.14% in the derivatives market due to improved supply

In the derivatives market, according to the Vietnam Commodity Exchange (MXV), at the end of the trading week of December 26-31, Arabica prices decreased by 2.33% while Robusta prices increased slightly by 0.14% compared to the reference. Standard Arabica inventories on the Intercontinental Commodity Exchange (ICE-US) continued to recover, and improved weather in Brazil somewhat eased concerns about supply shortages in the market. However, rumors that Vietnam would limit exports through estimated export volumes in 2023 helped Robusta prices improve.

Standard Arabica stocks increased by 3,312 60kg bags last week to 251,224 bags. Although the increase is not impressive, this is a good sign for inventory data in particular and coffee supply in general.

In addition, concerns about the risk of heat waves in Brazil have been alleviated as temperatures have cooled thanks to above-average rainfall in Brazil’s main coffee growing region. This has helped coffee plants grow better, thereby maintaining a positive outlook for the country’s 2024/24 coffee supply.

Forecasting the economic potential brought by coffee trees, many localities have made plans to grow coffee, in which Dak Nong province is also focusing on building a specialty coffee area according to the standards and evaluation process of the Specialty Coffee Association (SCA) and the World Coffee Quality Institute (CQI). Dak Nong also sets a target that by 2025, the province's specialty coffee area will reach 1,000 hectares, with a selected coffee bean output of about 530 tons.

Son La province aims to have 17,000 hectares of coffee growing area by 2025, with an average yield of 2-2.5 tons of coffee beans per hectare; the area for coffee replanting by 2025 will be about 8,000 hectares; about 70-90% of the coffee area for harvesting products will apply certified sustainable coffee production processes.

Currently, Son La is the province with the second largest Arabica coffee growing area in Vietnam after Lam Dong. In 2023, Son La's Arabica coffee area will reach 20,000 hectares, of which the area certified for sustainability will be over 18,000 hectares (reaching 90% of the coffee growing area). The annual coffee output is estimated at 40,000-50,000 tons of beans, worth 4,500-5,000 billion VND.

According to the Department of Industry and Trade of Gia Lai, in 2023, the coffee harvesting area in Gia Lai province will reach 87 thousand hectares, concentrated in the districts of Dak Doa, Ia Grai, Chu Prong, Chu Pah, Mang Yang, Duc Co, Kbang, Chu Se and Chu Puh.

Gia Lai province's coffee export volume in 2023 is estimated at 240 thousand tons, worth 490 million USD, accounting for 72% of the total export value of goods of the whole province, up 1.27% in volume, up 4.26% in value compared to 2022.

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