Vietnam Coffee Exports Exceeded 3 Billion USD For the First Time
[Update July 12th, 2024] In the first 6 months of 2024, Vietnam’s coffee exports reached more than 3 billion USD. It is up 38% over the same period last year. This is the first time it has reached up to that value. Among the main markets, Germany is the largest importer of Vietnamese coffee. People hope to see this positive sign in the future. This post is a summary of Vietnam coffee beans exports in the first half of 2024.
1. Data on Vietnam Coffee Exports in the first half of 2024
Exporting value in half of the 2024 crop
According to data from the General Department of Customs, as of June, Vietnam’s coffee exports reached more than 862,400 tons. It is worth 3.04 billion USD. Although it is down more than 8% in volume, it is up 38% in value to the previous year. This is also a high record compared to the same period in previous years
Regarding price in May, Vietnam’s average coffee export price reached 4,275 USD/ton. It is up 14% compared to April and up 66% to May 2023. In the first 5 months of 2024, Vietnam’s average coffee export price reached 3,475 USD/ton, up 41% over the same period last year.
Main export markets for Coffee Beans
In May, Vietnam’s coffee exports to most traditional and potential markets decreased, except China. Overall for 5 months, Vietnam reduced coffee exports to Germany, Italy, the US, and Russia. But increased exports to Spain, Japan, Indonesia, the Philippines, the Netherlands, and China. Among the main markets, Germany is the largest importer of Vietnamese coffee.
Specifically, in the first 5 months of the year, Germany imported 104,375 tons of Vietnamese coffee, worth nearly 350 million USD. Italy imported 80,655 tons, worth more than 254 million USD. The US imported 50,033 tons, worth nearly 170 million USD. Japan imported 56,931 tons, worth more than 210 million USD. Spain imported 60,805 tons, worth 217 million USD. Russia imported 43,964 tons, worth nearly 162 million USD. China imported 22,105 tons, worth 84 million USD…
In early June, the price of Robusta coffee in the domestic market increased compared to the end of May. According to the Ministry of Agriculture and Rural Development, there is little coffee inventory left in the domestic market. The forecast said that coffee output in the upcoming crop year will continue to decrease by about 20%. The reason is the recent hot weather leading to severe drought in the Central Highlands.
At the end of the first 8 months of the 2023-2024 crop year (starting from October 2023 to May 2024), Vietnam has exported nearly 1.2 million tons of coffee. It is equivalent to 80% of the current crop’s output and down 7% compared to the same period of the previous crop year.
2. Forecast and expect for Vietnam Coffee Beans
According to the Vietnam Coffee and Cocoa Association (Vicofa), coffee prices are currently increasing sharply. So coffee output exported to the world may decrease but the value of turnover still increases. Vicofa expects coffee exports in 2024 to earn about 4.5-5 billion USD.
Citing a December 2023 report from the US Department of Agriculture, Nikkei Asia said that Vietnam – the world’s largest Robusta coffee producer – it expected to supply 26.6 million 60 kg bags of coffee in 2023 -2024. It is down 12% compared to the previous forecast.
In conclusion: In the first half of 2024, Vietnam’s coffee exports reached more than 3 billion USD. It is a good sign that happens for the first time. It shows that Vietnam coffee products are still good export products with outstanding quality.
Havigo Company Limited operates in the field of agricultural export. We wish to bring high-quality Vietnamese agricultural products such as spices, rice, beans, and fruits… to the world. We supply you with high-quality products at the best price. If you find interest in importing Coffee Beans, please contact us for better support via WhatsApp: +84 979 58 58 56.