According to the General Department of Customs, in the first half of February, Vietnam exported nearly 57,000 tons of coffee, with a value of $184.4 million. From the beginning of the year until February 15th, the coffee export volume reached nearly 295,000 tons, with a value of $911 million.
Compared to the same period last year, coffee export volume increased by only 16.7%, but the value increased by a staggering 66.8%. The average export price of coffee reached nearly $3,100 per ton, an increase of nearly 43% compared to the same period last year.
The main coffee export markets for Vietnam are Europe, the United States, China, Russia, and Indonesia. Among them, Europe is the largest market for Vietnamese coffee imports, with 87,700 tons and a value of over $263 million. Germany, Italy, and Spain are also major importers.
Coffee prices are currently at a 30-year high.
After Tet holiday, the price of raw coffee in the coffee-growing provinces of the Central Highlands continued to rise sharply, reaching a record high of 80,000 VND/kg. The domestic market price of coffee has reached a 30-year high, surpassing 83,000 VND/kg, an increase of 70% compared to the same period last year.
Explaining the continuous increase in coffee prices, the Vietnam Coffee-Cocoa Association (VICOFA) believes that the market is facing a shortage of supply, making Vietnam almost a monopoly.
In addition, the EU’s regulation that coffee entering the market must comply with the Forest Law Enforcement, Governance, and Trade (FLEGT) regulation is also affecting coffee prices, as many countries have not yet prepared the necessary procedures to meet the requirements.
VICOFA forecasts that by 2024, coffee exports could reach $4.5 – $5 billion. This will be a new record year for Vietnam’s coffee export value.
In 2023, Vietnam exported over 1.62 million tons of coffee, with a value of over $4.24 billion, a decrease of 8.7% in volume but an increase of 4.6% in value compared to 2022.
