Saturday, July 20,2024 - 3:33 GMT+7  Việt Nam EngLish 

DAILY: Vietnamese coffee prices rose by 1000 VND on January 26 

 Friday, January 26,2024

AsemconnectVietnam - On Friday, Robusta coffee prices in Vietnam's Central Highlands, the country's largest coffee-growing area rose by 1000 VND to VND74,900 – VND75,600 per kg compared to Yesterday, according to Kinhtedothi.

Gia Nghia of Dak Lac provided the maximum price of VND75,600/kg, while traders in Lam Dong province offered the lowest price of VND74,900 /kg. Robusta coffee increased to VND74,900 per kg in Bao Loc, Di Linh, and Lam Ha; to VND75,500 per kg in Dak Lak; to VND75,300 – VND75,400 in Dak Nong; to VND75,400 per kg in Kon Tum, and to VND75,300 – VND75,400 per kg in Gia Lai.
“Prices have edged higher as farmers refrain from selling their beans to traders on anticipation of higher prices due to the Red Sea tensions and low London inventories," said a trader based in the coffee belt. "Many exporters are finding it hard to secure enough coffee to fulfil their signed contracts."
Another trader said farmers are still holding around 70% of the beans harvested in the 2023-24 crop.
In 2025, Vietnam will have over 100,000 hectares of high-quality coffee, while the area of specialty coffee will be increase to 11,500 hectares by 2030 with an output of about 5,000 tonnes.
Rising coffee prices have helped Vietnam's coffee industry become better known and benefited farmers, but traders and export businesses have faced many difficulties.
Vietnam's coffee exports in 2023 totaled roughly 1.61 million tonnes, valued at $4.18 billion, a 9.6% decrease in volume but a 3.1% increase in value year-on-year. The average coffee export price in 2023 was $2,834 per tonne, a 14.1% year-on-year rise, according to the Ministry of Industry and Trade.
According to the Agricultural and Rural Development Information Center, in 2024, Vietnam's coffee sector will continue to benefit from the increase in Robusta coffee prices, which may peak due to concerns about supply shortages.
It is forecast that coffee output in the 2023-2024 season may decrease by 10% to 1,656 million tons, the lowest crop in four years, due to unfavorable weather. Although Vietnam's harvest is in full swing, the supply is not as strong as in previous years. People tend to limit selling to wait for prices to increase, pushing up domestic coffee prices continuously.
Following are domestic Robusta coffee prices on January 26, in Vietnam's Central Highlands:

T.Huong
Source:
 Vitic/Kinhtedothi

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