Coffee surpasses $5 billion mark

5.2 billion USD is the coffee export turnover as of December 15 (according to information from the General Department of Customs). With this figure, this is the first time in the history of the Vietnamese coffee industry that coffee export turnover has exceeded the 5 billion USD mark in one year.

Previously, coffee exports in the 2023-2024 crop year (from October 2023 to September 2024) also exceeded the 5 billion USD mark for the first time in a crop year. Thus, 2024 is a year of great export success for the Vietnamese coffee industry when it surpassed the 5 billion USD mark in both the crop year and the calendar year. And coffee became the third agricultural product after vegetables and rice, with an export turnover exceeding 5 billion USD. The high export price of coffee is the main reason for Vietnamese coffee to reach this important export milestone. In 2024, due to the decrease in output, the amount of coffee exported decreased significantly. In the first 11 months of the year, the amount of coffee exported was more than 1.2 million tons, down 14% compared to the same period in 2023. In that context, the coffee export turnover in the past 11 months increased by more than 35% thanks to the record high price.

Cashew exports exceed 4 billion USD

According to the General Department of Customs, as of mid-December,  cashew nut exports  had reached 4.2 billion USD. This is the first time in the history of the cashew industry that cashew nut exports have exceeded the 4 billion USD mark.

Surpassing the 4 billion USD mark marks a new step forward for the cashew industry after many years of maintaining an export turnover of over 3 billion USD. The first time the cashew industry exported over 3 billion USD was in 2017. From then until 2023, the export turnover of cashew nuts has always been between over 3 billion USD and nearly 4 billion USD, with the highest year being 2023 (over 3.64 billion USD).

Cashew nut exports to traditional markets generally grew well this year, with many markets experiencing double-digit growth. Specifically, in the first 10 months of 2024, cashew nut exports to the United States increased by 33%, China increased by 14%, the Netherlands increased by 14%, the United Arab Emirates increased by 75%, Germany increased by 24%, Canada increased by 30%...

Previously, the cashew industry had set a target of achieving an export turnover of 4 billion USD by 2020. However, it was not until 2024 that the target of 4 billion USD in cashew nut exports became a reality.

Source: Vinacas