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VIETNAM’S TYPICAL GRAIN CONTINUOSLY RAKES IN MONEY FROM EAST TO WEST: DOMESTIC PRICES HIT A 30-YEAR HISTORICAL PEAK, MANY INVESTORS CHOOSE ONLY AFTER OIL AND GOLD

|April, 1st, 2024 

 

 

 

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According to data from the General Department of Customs, in February 2024, Vietnam exported coffee to 160.58 thousand tons, worth 528.53 million USD, down 19.7% in volume, but up to 21.5%. in value compared to February 2023. In the first 2 months of 2024, Vietnam's coffee exports reached approximately 398.82 thousand tons, worth 1.25 billion USD, up 16.4% in volume and 68.0% in value compared to the same period last year. period 2023.

In February 2024, Vietnam's average coffee export price reached 3,291 USD/ton, up 7.9% compared to January 2024 and up 51.4% compared to February 2023. In the first 2 months of 2024, Vietnam's average coffee export price reached 3,146 USD/ton, up 44.5% over the same period in 2023.

In particular, domestic coffee prices have increased rapidly since the beginning of the year and reached a 30-year historical peak, reaching more than 90,000 VND/kg, a dream price for many farmers.

Notably, our country's coffee exports to the Indonesian market recorded a growth rate of up to 3 digits in February and the first 2 months of 2024.

Since the beginning of the year, this market has spent 71.4 million USD to import 21,319 tons of coffee from Vietnam, a sharp increase of 215.6% in volume and 235.5% in value compared to the same period in 2023. The average export price to Indonesia reached 3,348 USD/ton, up 6.3% over the same period last year. Indonesia accounts for 5.3% in volume, 5.7% in turnover and ranks 6th in the top 10 largest coffee export markets of Vietnam. 

According to the latest report of the International Coffee Organization (ICO), world Robusta coffee prices continued to increase in February and remained at the highest level in 30 years. Meanwhile, global green coffee exports also set a new record milestone.

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Currently, many financial speculators around the world choose coffee (after oil and gold) to speculate and the Red Sea conflict causes coffee prices to increase even more.

ICO's report shows that coffee exports of all kinds from Asia and Oceania increased by 47.1% in January to nearly 5.1 million bags.

Mainly because Vietnam's coffee exports increased by 66% to more than 4 million bags. This is the largest monthly export volume ever recorded, surpassing the previous record of 3.6 million bags achieved in March 2022.

With an impressive start, experts and managers are expecting coffee exports in 2024 to reach a record of 5 billion USD.

In 2024, the Vietnam Coffee - Cocoa Association (Vicofa) forecasts that domestic coffee consumption will tend to increase. Accordingly, the domestic coffee market is expected to reach about 150,000 tons of roasted, ground and processed coffee.

Total domestic green coffee consumption can increase to 350,000 - 400,000 tons/year. Instant coffee output is estimated at 100,000 tons, equivalent to 230,000 tons of green coffee and is expected to increase due to many investment projects and factory expansion.    

According to cafebiz.com.

   

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