| Investing in standard growing areas, coffee export value increases Coffee export gradually conquers the 4 billion USD mark |
Vietnam Commodity Exchange (MXV) informed that at the end of the trading day on October 9, Robusta coffee prices decreased by another 1.44%, to the lowest level since April 2023. Vietnam has started harvesting the new crop of coffee, so market sentiment is more positive about supply, thereby putting pressure on prices.
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| Robusta coffee prices slightly decreased |
Since early October, Vietnamese farmers have begun harvesting coffee for the 2023/24 crop year. Favorable weather conditions, dry during the day, have created favorable conditions for farmers to speed up the harvesting process. This is an opportunity for Vietnam to soon boost exports, partly making up for the supply shortage in the previous period. Today, the coffee market is paying attention to the September statistical data of the General Department of Customs to assess the coffee export situation of our country in the past period.
Despite the sharp decline in Robusta, Arabica prices had a volatile trading session and closed unchanged from the reference price. Despite encountering a lower resistance level, positive coffee export situation in Brazil prevented prices from rising in yesterday's session.
According to preliminary statistics in the first 6 days of October of the Brazilian Coffee Exporters Association (CECAFE), Brazil exported 869,116 60kg bags of coffee, up 30% compared to 666,533 bags in the same period last month. Of which, Arabica beans continued to be the coffee type that was promoted with 759,355 bags exported during this period, up 48% compared to 512,161 bags in the first 6 days of September.
In the domestic market, this morning, the price of green coffee beans in the Central Highlands and the Southern provinces continued to decrease sharply by 500 VND/kg, bringing the domestic coffee purchase price to 63,200 - 63,800 VND/kg. Thus, the domestic coffee price has continuously decreased for 7 days, with a total cumulative decrease of up to 3,000 VND/kg.
Regarding Vietnam's coffee exports, according to preliminary statistics from the General Department of Customs, Robusta coffee exports in August 2023 reached approximately 67.9 thousand tons, worth 168.58 million USD, down 30.9% in volume and down 14% in value compared to August 2022.
In the first 8 months of 2023, the export of Robusta coffee - Vietnam's main coffee variety - reached approximately 1.07 million tons, worth 2.29 billion USD, down 5.8% in volume, but up 2.4% in value over the same period last year. In particular, the export volume of Robusta coffee to many markets decreased, including: Germany, Spain, Belgium, UK, Philippines... On the contrary, Robusta coffee export to many markets increased, including: Italy, the United States, Japan, Russia...
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| Vietnam is one of the world's largest coffee suppliers. |
Besides Robusta coffee, Vietnam has a source of high-value and abundant specialty Arabica coffee, concentrated in Son La, Lam Dong, Dak Lak... Son La is a mountainous province in the North of Vietnam, where natural conditions and soil are extremely favorable for growing Arabica coffee. However, Son La coffee is mainly exported in raw form, so even Vietnamese people do not know that the Northwest region has coffee, especially Arabica coffee.
To increase the value of coffee beans, many businesses have invested in deep processing. For example, Detech Coffee Joint Stock Company has built high-quality processed products, specialty products for indirect and direct export to European markets, New Zealand, the US market, etc.
Or, Bich Thao Coffee Cooperative (Son La) is collaborating with 800 ethnic households to switch to growing specialty coffee, while promoting investment in preliminary processing and processing technology. Currently, the cooperative's specialty coffee for export has reached 97%, the remaining amount is for domestic use.
By growing and processing roasting, the products of the Cooperative now bring stable income to growers and the Cooperative. Currently, the export price of specialty Arabica coffee can reach 230,000 - 270,000/kg, bringing good value to growers and the Cooperative.
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