Vietnam’s coffee export turnover reached 4.08 billion U.S. dollars in the 2022-2023 crop year, a year-on-year increase of 3.4 percent, driven by the highest coffee export prices in the last 30 years, Vietnam News reported Wednesday, citing the Vietnam Coffee Cocoa Association.
The newspaper cited Nguyen Nam, the association’s chairman, as saying that the 2022-2023 crop year from October 2022 to September 2023 had more disadvantages than advantages, but Vietnam’s coffee export value hit the highest level in history, thanks to rising prices amid supply shortages, and the dynamism and efforts of local coffee farmers and businesses.
During the cited period, Vietnam exported nearly 1.7 million tons of coffee. Germany was the largest coffee export market with 219,000 tons.
Coffee prices for the 2023-24 crop year are predicted to stay at a high level, said Nguyen Quang Binh, a coffee market expert.
In September, the prices of Vietnamese coffee in the global market reached the highest level in 30 years.
Its average coffee export price reached 2,451 dollars per ton, up 5.5 percent over the previous crop year.
Vietnam exported 1.29 million tons of coffee in the first ten months of this year, earning 3.28 billion dollars, according to the General Department of Vietnam Customs.