Vietnam's coffee exports to the EU increased by over 50% in the first 10 months of 2024
Friday, December 27,2024
AsemconnectVietnam - Vietnam's coffee exports to the European Union (EU) saw a strong growth in value in the first 10 months of 2024, despite a slight decrease in volume. Specifically, Vietnam's coffee exports to the EU reached approximately 500,000 tonnes, valued at 1.748 billion USD, a 6.5% decrease in volume but a 51.8% increase in value compared to the same period in 2023. This indicates a significant rise in the value of Vietnam's coffee exports to the EU, largely due to the implementation of the EU-Vietnam Free Trade Agreement (EVFTA).
A key factor driving this growth is the reduction of import duties on Vietnamese coffee to 0% under the EVFTA, providing a significant advantage for Vietnam's coffee. Additionally, among the 39 geographical indications of Vietnam that the EU has committed to protecting, Buon Ma Thuot coffee is included, enhancing the brand value of Vietnamese coffee and increasing its competitiveness in the EU market against other competitors.
Vietnam's coffee exports to the EU account for about 38.2% of the country's total coffee export value, highlighting the EU as an important market for Vietnam's coffee industry.
Vietnam's coffee exports to the European Union (EU) have surged significantly since the EU-Vietnam Free Trade Agreement (EVFTA) came into effect in August 2020. From approximately 64 million USD in August 2020, export value to the EU rose to over 260 million USD in early 2022, reaching a peak of 278 million USD in March 2024, more than a fourfold increase.
The average export price of Vietnamese coffee to the EU in the first 10 months of 2024 reached 3,872 USD per ton, marking a 62.3% increase compared to the same period in 2023.
According to data from Vietnam's General Department of Customs, Germany is the largest importer of Vietnamese coffee, with 136,173 tonnes, valued at 504.7 million USD. This represents a 9.2% decrease in volume but a 50% increase in value compared to the same period last year. The average export price during this period was 3,706 USD per tonne, a 65.6% increase compared to the same period last year.
Spain ranks second, with 87,833 tonnes, valued at 368 million USD, marking a 20.3% increase in volume and an 87.5% increase in value compared to last year. The average export price during this period was 4,190 USD per tonne, a 65.6% increase compared to the same period last year.
Italy ranks third with 106,341 tonnes, worth 369 million USD, showing an 11% decrease in volume but a 39% increase in value compared to the same period last year. The average export price during this period was 3,471 USD per tonne, a 56% increase compared to the same period last year.
Vietnam's coffee exports to the EU - details to member markets in the first 10 months of 2024
Source: Calculated from data of the General Department of Vietnam Customs
T.Huong
Source: Vitic
Vietnam's goods exports to key markets in Asia in 11 months of 2024
Vietnam's exports to UK, France, and Netherlands in 11 months of 2024
Vietnam’s imports of raw materials for animal feed production in 11 months of 2024
Exports to China reached 55.05 billion USD in 11 months of 2024
Total retail sales of goods and consumer service revenue increased by 8.8%
First market with 100 billion USD in export turnover
Vietnam's textile and garment exports to the EU increased by 10.5% in the first 10 months of 2024
11 months, exports recorded a high increase compared to many countries in the ASEAN region
Vietnam to promote agricultural exports to Japan
Vietnam’s imports from China hit record high of over 130 billion USD
E-commerce forecast to exceed 25 billion USD
6 export commodity groups with billion-dollar growth
Vietnam's merchandise trade expected to hit record high in 2024
Vietnam's Textile and Garment exports to the EU increased by 10.5% in the first 10 months of 2024
