Coffee exports set to hit US$5.6 billion in 2024
Coffee export revenue is projected to reach a record US$5.6 billion this year, driven by rising global coffee prices.
Nguyen Nam Hai, Chairman of the Vietnam Coffee and Cocoa Association, noted that the recent surge in world coffee prices has also pushed up domestic prices.
He explained that while prices might fluctuate as Vietnam's main coffee harvest begins next month, they are expected to remain higher than last year since other major coffee-producing countries have yet to enter their harvest season.
On November 27, coffee prices in the Central Highlands provinces of Dak Lak, Lam Dong, and Dak Nong ranged from VND121,800 to VND122,700 per kilogram (US$4.81–4.84), an increase of VND9,000–11,000 per kilogram compared to 20 days earlier.
Traders reported that prices have been climbing ahead of the 2024–2025 harvest season, leaving farmers weighing the decision to sell their coffee beans immediately or hold onto their stock in hopes of further price increases.
In the first 11 months of 2024, Vietnam exported approximately 1.2 million tonnes of coffee, generating nearly US$5 billion. This represents a 13.5% decline in export volume but a 38.1% increase in value compared to the same period last year.
