Coffee exports bring in nearly US$3 billion over eight months

The MoIT anticipated that coffee export turnover by the end of September is likely to exceed US$3.07 billion, equivalent to the figure recorded last year.

Coffee prices in both domestic and global markets have increased significantly since the beginning of the year.

August alone witnessed the average export price of Vietnamese coffee stand at an estimated US$2,336 per tonne, marking an increase of 1.6% compared to July and a 16.1% increase compared to August last year. Over eight months, the average export price of Vietnamese coffee also rose 21.7% to  US$2,268 per tonne.

Exports of almost all types of coffee witnessed an upward trend, with the exception of Excelsa coffee, which experienced a sharp decline in turnover in the reviewed period.

Elsewhere, eight-month Robusta coffee exports reached 1.01 million tonnes worth nearly US$2 billion, up 20.1% in volume and 48.7% in value.

Global coffee prices look set to continue edging up due to a general shortage of supply sources – a factor that fuels coffee prices.

According to a Bloomberg survey, global coffee stocks by the end of September are expected to have halved compared to the same period from last year. Vietnamese coffee production is also expected to decline by 6% to 1.72 million tonnes during the 2022 - 2023 crop.

According to data provided by the Vietnam Coffee and Cocoa Association, providing that the coffee products maintain their high prices, the local coffee industry is projected to set a record high export turnover of US$4 billion for the entire year.

Along with scarce supply sources and continued concerns about the bad weather affecting the next crop, countries globally are anticipated to increase coffee purchases, which will then benefit the domestic coffee processing industry.