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THE DOOR IS WIDE OPEN FOR COFFEE EXPORTS TO CONQUER NEU HEIGHTS IN 2024

|March, 19th , 2024

 

 

Vietnam's coffee exports set a new record with a turnover of 4.24 billion USD in 2023. Just past the beginning of the new year, Robusta coffee prices continued to set many new peaks. With this advantage, the coffee industry has an even stronger foundation for its export goal by 2024.

Highest coffee export turnover in history

In the export report at the end of 2023, the General Department of Customs said that Vietnam's coffee export turnover reached 4.24 billion USD, an increase of 4.6% compared to 2022 and the highest level ever. . . . This is also the second consecutive year that our country's coffee export value exceeded 4 billion USD.

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Despite reaching a record turnover, last year Vietnam only exported 1.62 million tons of coffee (equivalent to 27.05 million bags), down 8.7% compared to the previous year. Therefore, this result is due to high world Robusta coffee prices and high domestic coffee prices.

According to the Vietnam Commodity Exchange (MXV), as of December 31, 2023, Robusta price on the European Intercontinental Exchange (ICE-EU) was at 3,046 USD/ton, up 63% over the year. before. The year 2022 has just passed. In particular, last year's Robusta price reached its highest level in 28 years on December 21, 2023 at 3,179 USD/ton. Along with that, website giacaphe.com said, the price of green coffee beans in 2023 in our country reached a historic peak on December 29, reaching 69,900 VND/kg.

From the beginning of 2024, Vietnamese coffee has an advantage

In the early days of 2024, coffee prices continue to increase, which is an advantage for exporting countries like Vietnam. According to records from MXV, the January contract Robusta price ended on January 16 at 3,435 USD/ton, setting a new peak in 28 years. Along with that, the price of green coffee in Vietnam also set a record with the price currently exceeding 72,000 VND/kg.

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Mr. Nguyen Duc Dung, Deputy General Director of Vietnam Commodity Exchange (MXV), said that concerns about supply shortages and tensions in the Red Sea will create great motivation for coffee prices in 2024. Specifically, Robusta coffee prices on the world market at Coffee prices in general and Vietnam in particular still have room to maintain high prices, at least in the first half of 2024.

Price advantage creates a solid foundation for the new stage

Compared to the beginning of 2023, the domestic coffee price as of January 17 is nearly double the level of 39,000 VND/kg. Furthermore, the price of Robusta coffee on the world market also increased by about 80% compared to when the price reached 1,900 USD/ton early last year. It is expected that coffee prices in the first half of 2024 will continue to remain high, a relatively good stepping stone for the target of coffee export value exceeding 4 billion USD for the third consecutive year.

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Besides the price advantage, the ability to master the coffee export market, especially Robusta, in the first months of 2024 will create a dual advantage in the process of increasing export value. Indonesia is expected to continue to narrow its export activities, while the surplus for Brazil's coffee supply in the first half of 2024 gradually decreases after massive sales in the second half of 2023. Meanwhile, Vietnamese coffee The heaviest of the supply year, the harvest is expected to end around the end of January 2024.

Thus, the goal of increasing coffee export value this year is being built on a pretty good foundation. However, businesses still need to have a careful export strategy to take full advantage of existing advantages and maintain long-term results. At the same time, promote existing advantages to retain coffee growers in the context of new tree varieties being invaded such as durian and passion fruit.

According to baochinhphu.vn.

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