Coffee brings in highest export earnings on record
VOV.VN - Vietnam exported 1.15 million tonnes of coffee worth US$4.57 billion during the past 10 months of the year, a drop of 11.1% in volume but up 39.2% in value compared to the same period last year, according to the General Department of Vietnam Customs.
Insiders attributed the rise in the export value to a 56% hike in the average export price of coffee, hitting US$3,967 per tonne.
Currently, the country has been exporting coffee products to 37 major markets around the world. Among the top 10 consumers in 10 months, Germany and Italy took the lead, purchasing more than 100,000 tonnes and 106,341 tonnes, respectively. They were followed by Spain, Japan, the United States, Russia, the Philippines, Indonesia, China, and the Netherlands.
Within ASEAN, Vietnamese coffee exports to Thailand, Malaysia, Cambodia, Singapore, and Laos all witnessed an upward trajectory, with corresponding growth of 29.1%, 64.5%, 10.4%, and 4.4%, while exports to Myanmar endured a decline of 35.9% against the same period last year.
The Ministry of Industry and Trade forecasts that the volume of Vietnamese coffee exports will fall about 5% to around 26.85 million bags in the 2023 - 2024 crop and to 26.5 million bags in the 2024 - 2025 crop due to a drop in the country’s coffee output and inventory.
In contrast to the decline in volume, coffee export turnover to several major markets such as Germany, Italy, Russia, Japan, China, and Spain saw sharp increases of 50%, 38.7%, 32.2%, 36.7%, 64%, and 87% year on year, respectively.
Most notably, coffee export turnover to Malaysia, the Philippines, Indonesia, and the Netherlands skyrocketed by 119.4%, 110%, 83.9%, and 82.4%, respectively.
Throughout the reviewed period, Vietnam exported coffee to 15 markets with export earnings of more than US$100 million each, bringing in US$3.49 billion in total.
Germany was the largest consumer, spending US$504 million on import, followed by Italy (US$369 million), Japan (US$345 million), Spain (US$368 million), and China (US$186 million).
In ASEAN, Vietnam earned US$196 million, US$127 million, US$234 million, and US$142 million from exporting coffee to Indonesia, Malaysia, the Philippines, and Thailand, respectively.
