According to preliminary statistics from General Department of Customs, Vietnam's coffee exports in December reached 207,613 tons with a value of nearly 600 million USD, a sharp increase of 74% in volume and 68.1% in value, compared to the previous month. Coffee export value reached nearly 599.5 million USD - the highest in the past 15 years, up 68.1% compared to November 2023 and up 40.8% compared to December 2022.
An average export coffee price in December 2023 continued to decrease slightly by 3.4% compared to the previous month, reaching 2,887 USD/ton but compared to the same period in 2022, it still increased strongly by 33.5%.
Overall, in 2023, Vietnam's coffee exports reached 1.62 million tons, down 8.7% compared to 2022; turnover reached a record high of more than 4.24 billion USD, an increase of 4.6% compared to 2022.
Average export coffee price in 2023 reached 2,614 USD/ton, an increase of 14.5% compared to 2022.
Output decreased but value increased because export prices in 12 consecutive months increased sharply, averaging 2,613.8 USD/ton, up 14.5% over the same period in 2022.
Among export markets, three largest markets are Germany, Italy and Japan with market shares of 10.8%, 7.7% and 7.5% respectively.
Specifically, Vietnam exported 196,090 tons of coffee to Germany and earned more than 458 million USD, down 12.7% in volume and 3.3% in value. Italy spent more than 281 million USD importing 125,226 tons of coffee from Vietnam, an increase of 2.1% in volume and 10% in value. For Japan, Vietnam exported 111,003 tons of coffee to this country since the beginning of the year and earned more than 319 million USD, up 1.5% in volume and 15% in value over the same period last year.
Currently, Vietnamese coffee is present in more than 70 countries and territories. Vietnam is the second largest coffee exporter in the world. Compared to other coffee producing countries in the world, Vietnam's coffee area only ranks 6th after countries: Brazil with a total area of nearly 1.9 million hectares, Indonesia with a total area of over 1.2 million hectares and Colombia with a total area of nearly 1.9 million hectares and Ethiopia more than 800,000 hectares, Ivory Coast nearly 800,000 hectares.
Although the country has the 6th largest coffee area in the world, our country's coffee productivity is the highest in the world and is the second largest coffee exporter in the world, after only Brazil. Vietnam's average coffee yield is 1.4 times higher than that of Brazil, 2.8 times higher than that of Colombia and 4.5 times higher than that of Indonesia.
The Dollar Index increased sharply right after the US CPI in December increased by 3.4%, higher than the market's forecast of 3.2% as well as 3.1% in November, pushing up the USD/BRL exchange rate. The exchange rate has increased but farmers still have mentality of holding goods to wait for prices to increase, causing purchasing power to still dominate and push prices higher.
Increased coffee shipping costs due to the influence of Red Sea tensions contributed to keep Robusta prices from falling too sharply.
Coffee is a famous beverage. Many foreigners express their love for enjoying delicious flavor and experiencing Vietnamese culture of enjoying coffee.
Information from Vietnam Coffee and Cocoa Association (Vicofa) said that domestic coffee prices are forecast to continue to remain high in 2024, due to a serious supply shortage in 2022/2023 coffee crop.
Association estimates that there is a shortage of about 1.5 - 2.5 million bags of coffee under contract and needs to be met from current coffee harvest, while farmers still do not want to sell coffee at the current price, pushed prices to continue increasing on London exchange.
Also according to statistics from Vicofa, Europe currently consumes about 40-50% of Vietnam's coffee exports and this region still has good demand. Therefore, with current large supply shortage, it is forecast that coffee prices will continue to stay high in 2024.
International Coffee Organization said increasing tensions in the Red Sea caused some shipping lines to adjust their coffee shipping routes. Therefore, for Southeast Asian and East African coffees en route to Europe, unforeseen impacts include increased shipping costs as some shipping companies have introduced surcharges to compensate cover for long shipping times.

Source: Vitic/ congthuong.vn