DNVN - According to the Vietnam Coffee and Cocoa Association (VICOFA), in the 2023-2024 crop year (from October 2023 to September 2024), Vietnam exported 1.46 million tons of coffee with a total value of 5.43 billion USD. This is a record export figure and also marks the first time that coffee export turnover has exceeded the 5 billion USD mark.
Illustrative photo. Source: Hoai Thu/VNA
Although the volume of coffee exports decreased by 12.1% compared to the 2022-2023 crop year, the export value increased by over 33%. The high export price of coffee has become the main factor helping Vietnam surpass this milestone. On average, in the 2023-2024 crop year, the export price of coffee reached 3,673 USD/ton, an increase of nearly 50% compared to the previous crop year. This is the highest increase among Vietnam's main agricultural export products.
According to data from the General Department of Customs, from the beginning of the year to October 15, 2024, Vietnam exported 1.13 million tons of coffee, earning 4.44 billion USD. Compared to the same period in 2023, the volume of coffee exports decreased by 11.1%, but the value increased by 39.1%.
On average, in the first 9 months of 2024, Vietnam's coffee export price reached 3,896 USD/ton, up 56% over the same period last year. Notably, in September 2024, the average coffee export price reached 5,469 USD/ton, the highest export price ever.
In terms of export markets, the European Union (EU) will continue to be Vietnam's largest partner in the 2023-2024 crop year, with a total export value of US$2 billion, up 41% over the previous crop year. This region accounts for 38% in volume and 37% in value of Vietnam's total coffee exports.
The three largest markets for Vietnamese coffee in the last crop year were Germany, Italy and Spain. In addition, some other major markets such as Japan and Russia also recorded strong increases in export value, 38% and 20% respectively, despite a decrease in export volume.
The decrease in supply in the 2023-2024 crop year will not only increase coffee prices but also affect the inventory carried over to the 2024-2025 crop year. According to information from some traders, the amount of coffee inventory carried over to the new crop is almost gone.
Therefore, coffee prices at the beginning of the 2024-2025 crop year remain high. Since the beginning of October, coffee prices in the Central Highlands have always been above VND110,000/kg, nearly double that of the beginning of the previous crop year.
According to forecasts from businesses, Vietnamese coffee prices in the 2024-2025 crop year are expected to remain high due to reduced output, while domestic and global demand is still increasing. Coffee prices are unlikely to fall below VND100,000/kg in this new crop year.
Hung Le (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/xuat-khau-ca-phe-lan-dau-vuot-5-ty-usd-trong-mot-nien-vu/20241023080125058
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