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VIETNAM'S "BILLION DOLLARS NUTS": DOMESTIC PRICES REACH HISTORICAL PEAK, EXPORTS RANCH 2nd IN THE WORLD

|Jan 15th, 2024

According to preliminary statistics from the General Department of Customs, Vietnam's coffee exports in December reached 207,613 tons with a value of nearly 600 million USD, a sharp increase of 74% in volume and 68.1% in value compared to the previous month. For the whole year of 2023, our country earned more than 4.2 billion USD with 1.62 million tons of exported coffee, an increase of 4.6% in value over the same period last year. Exports in 12 consecutive months increased sharply, averaging 2,613.8 USD/ton, up 14.5% over the same period in 2022.

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Among export markets, the three largest markets are Germany, Italy and Japan with turnover market shares of 10.8%, 7.7% and 7.5% respectively.

Specifically, our country exported 196,090 tons of coffee to Germany and earned more than 458 million USD, down 12.7% in volume and 3.3% in value. Italy spent more than 281 million USD importing 125,226 tons of coffee from Vietnam, an increase of 2.1% in volume and 10% in value. For Japan, our country exported 111,003 tons of coffee to this country since the beginning of the year and earned more than 319 million USD, up 1.5% in volume, up 15% over the same period last year.

Currently, Vietnamese coffee is present in more than 70 countries and territories. Vietnam is the second largest coffee exporter in the world. Although the country has the 6th largest coffee area in the world, our country's coffee productivity is the highest in the world and is the second largest coffee exporter in the world, second only to Brazil. Vietnam's average coffee yield is 1.4 times higher than that of Brazil, 2.8 times higher than that of Colombia and 4.5 times higher than that of Indonesia.

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Coffee is a famous beverage, many foreigners express their love for enjoying the delicious flavor and experiencing the Vietnamese culture of enjoying coffee. According to the survey, coffee prices in the Central Highlands region continue to increase beyond the 70,000 VND/kg mark. This is the highest price ever in the domestic market.

Information from the Vietnam Coffee and Cocoa Association (Vicofa) said that domestic coffee prices are forecast to continue to remain high in 2024, due to serious supply shortages in the 2022/2023 coffee season.

The Association estimates there is a shortage of about 1.5 - 2.5 million bags of coffee under the contract and needs to be met from the current coffee harvest, while farmers still do not want to sell coffee at the current price, it has pushed the price to continue increasing on the London floor.

Also according to statistics from Vicofa, Europe currently consumes about 40-50% of Vietnam's coffee exports and this region still has good demand. Therefore, with the current large supply shortage, it is forecast that coffee prices will continue to be high in 2024.

The International Coffee Organization said increasing tensions in the Red Sea caused some shipping lines to adjust their coffee shipping routes. Therefore, for Southeast Asian and East African coffees on their way to Europe, unforeseen impacts include increased shipping costs as some shipping companies have introduced surcharges to compensate for extended transit times.

 

According to Tapchithitruong.vn


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