Tuesday, February 27,2024 - 4:9 GMT+7  Việt Nam EngLish 

DAILY: Vietnamese coffee prices fell by 200 VND on November 30 

 Thursday, November 30,2023

AsemconnectVietnam - On Friday, Robusta coffee prices in Vietnam's Central Highlands, the country's largest coffee-growing area fell to VND57,600 – VND58,700 per kg compared to Yesterday, according to Kinhtedothi.

Gia Nghia of Dak Nong provided the maximum price of VND58,700/kg, while traders in Lam Dong province offered the lowest price of VND57,600. Robusta coffee decreased to VND57,600 in Bao Loc, Di Linh, and Lam Ha;  to  VND58,600  – VND58,700  per kg in Dak Lak; to VND58,400 – VND58,500  in Dak Nong; to VND58,400 per kg in Kon Tum, and to VND58,400 – VND58,500  per kg in Gia Lai.
Despite a high export revenue recorded so far this year, the coffee sector is advised to enhance the quality and competitiveness of their products to better conquer the world market.
After reaching a record in price and export turnover, the coffee industry continues to have high expectations for the coming crop year thanks to favourable factors from the market as well as the industry's efforts in promoting processing and meeting new EU regulations.
Reporting at the Conference summarizing the 2022 - 2023 coffee crop year and the direction of tasks for the 2023 - 2024 crop year, Mr. Do Xuan Hien, Chief of Office of the Vietnam Coffee - Cocoa Association (VICOFA) said that at the end of 2022-2023 crop year (from October 2022 to September 2023), Vietnam's coffee export reached 1.66 million tons (about more than 27.7 million bags, 60kg/bag), down 4.5% compared to the 2021-2022 crop year. However, revenue still increased by 3.4% to US$ 4.08 billion thanks to high prices. This is the highest turnover level in any crop year to date. A notable point in this crop year is that coffee prices have reached their highest level in nearly 30 years. However, due to long-term low prices, many coffee areas have converted previously crops to grow durian and fruit, and farmers do not invest much in coffee, except for coffee companies and some cooperatives. This situation, along with the impact of climate change, has caused coffee production to shrink, with old crop inventory transferred to new crop at the lowest level over the years. Specifically, in the previous crop year, inventory by ending crop was about 160,000 tons in September 2022, while in September 2023 it was only about 58,000 tons. The sharp decline in output is the cause of high coffee prices.
According to statistics from Vietnam Customs, in the first 11 months of 2023, Vietnam's coffee industry exported 1.36 million tonnes, valued at 3.5 billion USD, an increase of 3.4% over the same period in 2022. However, the amount of coffee exported has gradually decreased in the last 2 months. The reason assessed by coffee industry experts is that the inventory of Vietnamese coffee has decreased to its lowest level ever.
Up to this point, coffee output has decreased but prices have increased. There was a time when the price of coffee increased to 70,000 VND/kg and it is predicted that in the next season the price may increase further because of the lack of supply.
Following are domestic Robusta coffee  prices on November 30, in Vietnam's Central Highlands:

Source: Vitic/Kinhtedothi


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