Coffee price hikes push export revenue up
A sharp rise in export prices has been the major reason behind a surge in the export revenue of Vietnamese coffee sector so far, according to the Vietnam Coffee-Cocoa Association (Vicofa).
The association reported that in the 2023-2024 crop from October 2023 to September 2024, Vietnam shipped abroad 1.46 million tonnes of coffee for US$5.43 billion, down 12.1% in volume but over 33% in value compared to the previous crop.
In the period, Vietnamese coffee prices at the international market reached US$3,673 per tonne, nearly 50% higher than those in the previous crop, the highest rise among major agricultural products for export of Vietnam.
Data from the General Department of Customs, as of October 15, Vietnam exported 1.13 million tonnes of coffee to earn US$4.44 billion, a year-on-year decrease of 11.1% in value but an increase of 39.1% in value.
In the first nine months of this year, the average coffee prices rose 56% year on year to US$3,896 per tonne.
Experts attributed the price hikes to a decrease in both coffee supply and inventory.
In the 2024-2025 crop, Vietnamese coffee prices is predicted to continue to stay high due to high demands in the domestic and international markets.
However, Nguyen Van Hoan, vice director of the Department of Agriculture and Rural Department of the Central Highlands province of Gia Lai, one of the major coffee production hubs of Vietnam, advised farmers to maintain stable coffee farming areas to avoid risks of price decrease.
