Coffee exports likely to rake in US$5 billion in 2024 amid rising prices

12/12/2023 12:17 - 2 Views

During the 11-month period, the country exported approximately 1.38 million tonnes of coffee worth US$3.54 billion, representing a fall of 12.9% in volume and 2.5% in value compared to the same period from last year.

These figures indicate that although the export volume endured a sharp decrease, the drop in value was lower due to Vietnamese coffee export prices increasing against the same period from last year.

The nation’s average export price of coffee throughout the reviewed period reached US$2,570 per ton, up 11.9% on-year.

According to information given by the Vietnam Coffee and Cocoa Association, Vietnamese export coffee prices have continuously skyrocketed and have duly hit record highs for many years.

Industry insiders pointed out that an increase in coffee export prices have caused a rise in domestic coffee prices. The nation is anticipated to export 1.72 million tonnes of coffee worth more than US$$4.2 billion this year.

Do Ha Nam, chairman of the Board of Directors of Intimex Group, assessed that from now until April, European nations can only rely on the Vietnamese market to purchase Robusta coffee. Due to this, Vietnamese coffee export prices are projected to continue rising and may reach the highest level in the world next year.

Sharing the same perspective, local coffee expert Nguyen Quang Binh pointed out that coffee prices for the 2023 to 2024 crop year will continue to be anchored at a high level.

He said if major global economies continue to reduce interest rates by June next year, coffee exporters will continue to benefit as roasters around the world make purchases to stock up on goods.

Furthermore, major markets such as the EU and the United States are changing their consumption demands from importing green coffee to processed coffee.

As a result, Vietnamese businesses are required to prioritise investment in deep processing facilities as a means of increasing the value of coffee products and maintaining sustainable development, Binh noted.

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