In September, coffee exports fell to their lowest level since the beginning of the year.

Vietnam's coffee exports in September 2024 fell to their lowest level since the beginning of the year, down 14.7% in volume and 11.6% in value compared to August 2024.

Import and Export Department ( Ministry of Industry and Trade ) cited preliminary statistics from the General Department of Customs, coffee export Vietnam's exports in September 2024 fell to the lowest level since the beginning of the year, estimated at 65.0 thousand tons, worth 355.0 million USD, down 14.7% in volume and 11.6% in value compared to August 2024.

In September, coffee exports fell to their lowest level since the beginning of the year. (Photo: NH)

However, compared to September 2023, it increased by 27.6% in volume and 110.8% in value. In the first 9 months of 2024, Vietnam exported an estimated 1.12 million tons of coffee, worth 4.37 billion USD, down 10.5% in volume, but up 39.6% in value over the same period last year, thanks to a sharp increase in export prices.

It is estimated that in September 2024, the average export price of Vietnam's coffee will reach 5,469 USD/ton, up 3.6% compared to August 2024 and up 65.2% compared to September 2023. In the first 9 months of 2024, the average export price of Vietnam's coffee is estimated to reach 3,897 USD/ton, up 56.0% over the same period last year.

September 2024, coffee price Robusta in the domestic market increased more slowly than world coffee prices. Coffee prices on September 27, 2024 increased by 400 - 500 VND/kg compared to August 31, 2024, fluctuating around 122,600 VND/kg. In the domestic market, coffee trading was quite quiet due to scarce supply. The market is expected to be more active in the coming time when the new harvest begins.

In the world market, in September 2024, world coffee prices continuously set new records due to concerns about unfavorable weather and supply shortages from the world's two leading coffee producing countries, Brazil and Vietnam, which have not improved. The congestion of transportation through the Red Sea and the weakening of the US dollar are factors supporting coffee prices.

According to Hedgepoint Consulting, Brazil's 2024-2025 coffee output is forecast to reach 63 million bags, down 3 million bags from the previous crop; meanwhile, Vietnam's coffee output is estimated at about 27 million bags, lower than the previous forecast.

The global coffee market could see a deficit for the fourth consecutive year, due to falling output in Vietnam and Brazil, while it is expected that coffee prices will continue to be supported by fundamental factors in the coming time.

Previously, the Brazilian Agricultural Supply Agency (Conab) also adjusted its forecast for Brazil's coffee production in the 2024 crop year down to 54.8 million bags, down from the previously forecast 58.8 million bags. The main reason for the decline in production in both countries is due to adverse weather.

In Brazil, although there has been rain, the amount of rain has not been enough, causing some areas to still suffer from localized drought. Meanwhile, in Vietnam, after many months of rain, coffee yields have improved compared to the drought at the beginning of the year. However, the market is still concerned about excessive rain due to the La Nina phenomenon during the harvest period, which continues to be a supportive factor. coffee price increased sharply.

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