Tuesday, May 21,2024 - 5:36 GMT+7  Việt Nam EngLish 

Thanks to high prices, coffee export turnover in the first quarter of 2024 skyrocketed 57.3% 

 Friday, April 19,2024

AsemconnectVietnam - In the first 3 months of 2024, Vietnam's coffee exports to markets reached a turnover of 1.93 billion USD, a sharp increase of 57.3% mainly thanks to increased coffee prices.

Information from Vietnam Coffee - Cocoa Association (VICOFA) said that in March 2024, Vietnam exported about 185,281 tonnes of coffee with a turnover of about 680.86 million USD. Compared to the same period, decreased 11.9% in volume but increased 41.1% in value.
In the first 3 months of 2024, Vietnam exported about 579,449 tonnes of coffee, with an export turnover of about 1.93 billion USD. Although volume only increased by 4.9%, value increased sharply by 57.3% over the same period thanks to high export prices.
Also according to VICOFA, in the first 3 months of the year, Robusta coffee exported the most with 515,164 tonnes, turnover of over 1.57 billion USD; Arabica green coffee exported only 16,474 tonnes, with a turnover of over 69.27 million USD.
Statistics from VICOFA show that Vinh Hiep Company, Simexco Daklak, Louis Dreyfus Company Vietnam, Tuan Loc Commodities, Intimex Group, Intimex My Phuoc, NKG Vietnam, Phuc Sinh, Olam Vietnam, and Mascopex are leading exporter of raw green coffee.
In the roasted, ground and instant coffee segment, exports recorded about 35,853 tonnes, with a turnover of over 246.41 million USD.
VICOFA also said that in the first 3 months of this year, Europe was the largest import market for Vietnamese green coffee with 278,718 tonnes (accounting for 51.3%), of which Germany led with a volume of 69,924 tonnes, Italy is second with 63,952 tonnes, Spain is third with 43,287 tonnes.
With export results in the first 3 months of this year, Mr. Nguyen Nam Hai, Chairman of VICOFA, said that this is also the highest level in recent years and this increase is due to coffee prices.
Specifically, according to Mr. Hai, in 2023-2024 coffee season and especially 2024, coffee prices have reached the highest level of all years. Currently, price of exported coffee is around 4,000 USD/tonne and price of domestic coffee is around 102,000 VND/kg.
"For many years, coffee prices have always been low, only equal to or lower than cost price, but in 2024 as well as the 2023-2024 crop year, coffee prices have increased very sharply" - Mr. Hai said.
According to experts, with current market price situation, coffee industry's export turnover of 5 billion USD in 2024 will definitely achieved. However, it is important to build this industry to develop sustainably.
To maintain this result, Mr. Hai said, Vietnam needs to develop sustainable coffee from production to processing to export. In particular, it is necessary to create relationships between businesses and farmers to build quality coffee areas for sustainable development. In addition, it must meet European regulations on combating deforestation and forest degradation effective from June 2023 to demonstrate Vietnam's responsibility towards goal of environmental and nature protection.

Source: Vitic/ congthuong.vn
 

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