Saturday, June 22, 2024
Saturday, June 22, 2024
Home » Coffee Exports Reach Nearly $4.1 Billion This Year

Coffee Exports Reach Nearly $4.1 Billion This Year

by Xun Tian
0 comment 48 views

Việt Nam’s coffee export turnover reached US$4.08 billion in the 2022-23 crop year, a year-on-year increase of 3.4 per cent, driven by the highest coffee export prices in the last 30 years.

In a conference to review the 2022-23 crop year and launch tasks for the next one, Chairman of the Vietnam Coffee Cocoa Association (Vicofa) Nguyễn Nam said the 2022-23 crop year (from October 2022 to September 2023) had more disadvantages than advantages, but Việt Nam’s coffee export value hit the highest level in history, thanks in rising prices amid supply shortages, and the dynamism and efforts of local coffee farmers and businesses.

Việt Nam exported nearly 1.7 million tonnes of coffee in the 2022-23 crop year, a decrease of 4.5 per cent compared to the 2021-22 crop year.

However, the country’s average coffee export price reached $2,451 per tonne, up 5.5 per cent over the previous crop year.

The coffee industry mainly exports raw products. Deeply processed coffee accounts for less than 10 per cent of total output and is mainly consumed domestically.

Coffee exports are mainly still Robusta coffee at 1.5 million tonnes worth $3.2 billion. Arabica green coffee export reached 41,500 tonnes with turnover of $169 million, and decaffeinated green coffee export reached 36,000 tonnes with turnover of $136 million.

Roasted and soluble coffee exports were about 90,000 tonnes with turnover of $510 million, accounting for 5.4 per cent in volume and 12.5 per cent in value ​​of total coffee exports in the 2022-23 crop year.

Nguyễn Quang Bình, a coffee market expert, said coffee prices for the 2023-24 crop year are predicted to stay at a high level.

Roasters around the world are buying inventory and demand is expected to increase. “Therefore, coffee prices have no chance of going down, especially Arabica coffee,” he said.

The price of Arabica coffee has increased from 140 US cents per pound to 175 US cents per pound, and continues to increase.

In the 2022-23 crop year, Germany was the largest coffee export market of Việt Nam with 219,000 tonnes, followed by Italy with 156,000 tonnes, the US with 143,000 tonnes, Japan with 112,000 tonnes, Russia with 107,000 tonnes, Spain with 100,000 tonnes, Belgium with 73,000 tonnes, and Algeria with 64,000 tonnes.

According to Vicofa, the 2023-24 coffee crop year will be harvested later than the previous crop year.

Some localities, such as Gia Lai, Kon Tum and Sơn La provinces, will harvest coffee earlier in late October, early November and the last full harvest will be in December 2023.

Việt Nam mainly exported robusta in the 2021-22 crop year with a volume of 1.5 million tonnes, worth $2.97 billion.

Source: Vietnam News

You may also like

Hanoi Observer is a global leader in the online news. We seek to inform and engage with our readers. Staffed 24 hours, seven days a week by a dedicated team around the globe, we deliver news from journalists around the world. We are contrarian truth-seekers and truthtellers. We are journalists united by a mission to inform and engage with our readers.

We bear witness to history as it unfolds and explain not just what happened, why it happened and what it means to our readers and the public.

We are contrarian, we are committed to the news, speaking truth to power.

Hanoi Observer, A Media Company – All Right Reserved.