Vietnam coffee exports exceed 2.2 billion USD

Vietnam’s coffee export prices have continuously reached new records since the beginning of the year. This has helped coffee export turnover surpass the 2.2 billion USD mark after only 2.5 months.

Vietnam's coffee export prices have continuously reached new records since the beginning of the year.

Vietnam Coffee - Cocoa Association said, coffee price Arabica exports reached over 6,800 USD/ton, the highest ever. Meanwhile, Robusta reached nearly 5,400 USD/ton, although output decreased but value still increased by more than 30%.

Reduced supply, farmers selling sparingly and a scarce world market are the main reasons pushing prices up. Vietnam is developing a quality raw material area in the Central Highlands, aiming for a revenue target of 20 billion USD per year.

In the domestic market, recorded this morning (March 24), coffee prices in the Central Highlands were around 132,900 - 134,000 VND/kg, stable compared to yesterday but increased by about 2,000 VND/kg compared to the beginning of last week.

Vietnam's coffee exports are showing positive signs. Preliminary statistics from the General Department of Customs show that in the first half of March, coffee exports reached 93,898 tons, worth 544.9 million USD, up 25.6% in volume and 28% in value over the same period last month. Accumulated since the beginning of the year, coffee exports have reached more than 406,600 tons with a total value of more than 2.2 billion USD. On the contrary, cocoa prices continued to decline by 1.3% during the week, closing at 7,765 USD/ton. Notably, in the trading session on Friday, cocoa prices fell sharply by 3.79% compared to the reference price. From the peak of 12,193 USD/ton set on December 18, 2024, cocoa prices have plummeted more than 36%.

The main reason for the decline is an imbalance between supply and demand. The International Cocoa Organization (ICCO) forecasts a surplus of 142,000 tonnes in the 2024-25 season, after three consecutive years of deficits. Increased rainfall in West Africa has spurred new crop growth, boosting output. The latest data shows that ICE-monitored cocoa inventories at US ports have recovered and risen to a four-and-a-half-month high of nearly 1.8 million bags at the end of the week.

On the demand side, the sharp rise in cocoa prices since late 2024 has created many financial risks for traders in terms of capital, prices and profits. In mid-January, major regional cocoa associations in Europe, North America and Asia reported declining quarterly cocoa crushing data, indicating weakening consumer demand.

Source: https://baoquangninh.vn/xuat-khau-ca-phe-viet-nam-vuot-2-2-ty-usd-3349839.html