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COFFEE PRICE TODAY, JULY 24, 2023: DOMESTIC COFFEE PRICES CONTINUE TO RISE


JULY 24, 2023

 

Updating coffee prices today, July 24, 2023, online coffee prices, prices of coffee in the Central Highlands (Tay Nguyen), Lam Dong coffee, Kon Tum coffee, coffee beans, and Arabica coffee today, July 24, 2023.

On July 24, 2023, the highest domestic coffee price in the Central Highlands (Tay Nguyen) provinces reached 66,900 VND/kg.

During the past week, domestic coffee prices have maintained an upward trend, increasing by up to 1,300 VND/kg compared to the prices on July 17.

Specifically, coffee beans in Lam Dong province, in districts such as Bao Loc, Di Linh, and Lam Ha, were purchased at prices ranging from 66,100 VND/kg to 66,200 VND/kg.

In Gia Lai and Kon Tum provinces, the coffee price stood at 66,500 VND/kg.

In Dak Lak province, the price of coffee in the Cư M'gar district was 66,600 VND/kg, while in Ea H'leo district and Buon Ho town, it was purchased at the same price of 66,700 VND/kg.

In Dak Nong province, the highest purchase price for coffee reached 66,900 VND/kg.

The latest price list of coffee today 24/7

Below is  the  latest  domestic coffee price list today, July 24, 2023. Unit: VND/kg

Local

Unit

Price

volatility

Dak Lal

Kg

66,700

-

Gia Lai

Kg

66,500

-

Kon Tum

Kg

66,500

-

Dak Nong

Kg

66,900

-

Lam Dong

Kg

66,200

-



According to experts, coffee prices in Vietnam are benefiting from short-term supply concerns and the low inventory report of Robusta coffee on the ICE exchange.

The inventory report on ICE - London, as of July 18, showed a further decrease of 1,790 tons, reaching 52,750 tons (approximately 879,167 bags, 60kg each), the lowest level since 2016, despite most coffee being sold directly to the consumer market without going through the exchange.

As for the global coffee prices, at the end of the trading session last week, Robusta coffee on the London exchange for September delivery was at $2,602 per ton, and for November delivery, it was at $2,441 per ton, with trading volumes remaining at average levels.

Arabica coffee on the New York exchange for September delivery was at 161.85 cents/lb, and for December delivery, it was at 161.55 cents/lb, with trading volumes also maintaining average levels.

Currently, both domestic and international coffee prices are high compared to recent years, providing an opportunity for Vietnam to maintain coffee export revenue above $4 billion, a record set in 2022.

In addition to benefiting from scarce supply and cost advantages compared to Arabica coffee, Robusta coffee is gaining a competitive edge amidst increasing global economic concerns. This important factor sets the premise for boosting coffee exports from Vietnam.

The Department of Import and Export (Ministry of Industry and Trade) cited statistics from the General Department of Customs, indicating that in the first six months of 2023, Vietnam's coffee exports reached over 1 million tons, valued at $2.39 billion, a decrease of 3.1% in volume but an increase of 2.3% in value compared to the same period last year.

As of the first six months of 2023, Vietnam's average coffee export price reached $2,374 per ton, a 5.2% increase compared to the same period last year.
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During the first six months of 2023, coffee exports to Germany, Japan, Spain, and Belgium decreased, while exports to Italy, the United States, Russia, Algeria, Indonesia, and the Netherlands increased compared to the same period last year.

Notably, coffee exports to the Indonesian market in the first six months reached $82.079 million, a 161.5% increase compared to the same period last year; and exports to the Algerian market reached $92.138 million, a 115.1% increase compared to the same period last year.

In the short term, coffee prices in the world are expected to continue to decrease due to selling pressure from the new harvest by the world's largest producers and exporters. However, the pace of decline will slow down due to the concern about the supply shortage, and it is forecasted that Vietnam's coffee production in the last harvest of this year will decrease by about 10%.

The issue of raw coffee exports with low added value remains a long-term problem that Vietnam needs to address for the sustainable development of the coffee industry. To solve this problem, coffee-producing enterprises need to invest in the production process to focus on exporting processed coffee with higher value, while also shifting processing methods to better match the preferences of consumers in the US and Europe.

 
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