According to the Ministry of Agriculture and Rural Development, in the first 11 months of 2023, Vietnam's coffee exports are expected to reach 1.36 million tons, worth nearly 3.5 billion USD. Notably, the average export price of Vietnamese coffee in November 2023 reached 3,148 USD/ton, up nearly 33% over the same period last year. Cumulatively for the first 11 months of 2023, Vietnam's average coffee export price is estimated to reach 2,570 USD/ton, up 12% over the same period in 2022. These numbers may not stop yet because coffee is in the new harvest season.

The increase in the export price of green coffee also proves the stability of quality from the garden to the purchasing and export system with investment in science and technology. Vietnamese coffee is considered delicious and quite stable by importers. Therefore, roasters around the world prioritize buying Vietnamese coffee. Currently, Vietnam's largest coffee import market is the EU, followed by the US, Japan... Vietnamese coffee has the opportunity to export to China, a market with great potential with high purchasing power and speed. Coffee imports increased on average by more than 25%/year.

New crop coffee is being offered at 60,000 VND/kg in the domestic market, delivered in December 2023 and January 2024. This price is much higher than the previous crop due to the large purchasing demand from export and FDI enterprises. 

Coffee market experts predict that coffee prices in the 2023 - 2024 crop year will continue to be high. By June 2024, if major economies in the world continue to reduce interest rates, coffee exports will continue to benefit. Because this is the time when roasters around the world buy to stock up, coffee prices have little chance of going down. Accordingly, coffee is still a product that is expected to break a record in export value in 2023.

Vinapro Team