Coffee exports increased sharply by 158.3%

This figure also increased by 10.4% compared to the same period in 2022.

In the first half of December, coffee export turnover reached 270.58 million USD, up 132.5% compared to the first half of November 2023 and up 44.4% over the same period in 2022.

Coffee exports continue to increase

In the first 11.5 months of 2023, coffee exports reached more than 1.51 million tons, down 9.4% over the same period in 2022. Turnover reached more than 3.91 billion USD, up 2.5%.

The average export coffee price in the first half of December 2023 reached 2,834 USD/ton, down 5.2% compared to the average price in November 2023. Accumulated in 11.5 months of 2023, it reached 2,590 USD/ton, up 13.1% over the same period in 2022.

Coffee export prices maintain upward momentum

In the derivatives market, coffee export prices continued to remain high. According to the Vietnam Commodity Exchange (MXV), at the end of the trading session on December 21, coffee prices recovered with an increase of 1.57% for Arabica and 3.28% for Robusta, respectively. Concerns about supply shortages amid low inventories and Brazilian farmers' tendency to limit coffee sales supported the price increase again.

In its latest report on the global coffee market for the 2023/24 crop year, the US Department of Agriculture (USDA) estimated that the world coffee inventory for the current crop year is only 26.5 million 60kg bags, down to a 12-year low. At the same time, Robusta inventory on the ICE-EU closed on December 20 at only 33,910 tons, gradually decreasing to a historic low of 33,660 tons at the end of August.

Furthermore, the Dollar Index fell 0.55% yesterday, causing the USD/BRL exchange rate to lose 0.65%. The falling exchange rate differential has limited the demand for Brazilian coffee farmers.

In the domestic market, this morning (November 22), the price of green coffee beans in the Central Highlands and the Southern provinces also recovered to 1,600 - 1,700 VND/kg. Accordingly, domestic coffee is currently purchased at around 69,000 - 69,700 VND/kg.

Many traders said that the Robusta coffee harvest in Vietnam is now about 75% complete, but farmers are slow to sell because of the psychology of waiting for higher prices, pushing domestic coffee prices to a record high. Fresh coffee prices are currently trading around VND15,000/kg - also the highest level ever.

Aiming at sustainable coffee production and export, localities have promoted coffee production according to international standards. For example, Gia Lai coffee products were selected by the World Intellectual Property Organization (WIPO) to participate in the pilot project "Building a brand and marketing strategy for manufacturers of products bearing Vietnamese geographical indications". This is an opportunity for Gia Lai coffee products to have more favorable conditions to make steady and strong progress in the world market.

A representative of a coffee growing enterprise in Dak Doa district (Gia Lai) said that in order for coffee to stand firm in the international market, it is necessary to have transparency in raw material areas, focus on protecting organic farmers, clean farming, and develop sustainable coffee to bring benefits to farmers, enterprises and the environment.

According to the plan, by 2025, Gia Lai will develop a specialty coffee area of ​​about 1,200 hectares, equal to 1.2% of the province's total coffee area. The goal for the period 2026 - 2030 is to develop a specialty coffee area of ​​about 2,300 hectares, equal to 2.4% of the province's total coffee area.

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