Along with the price increase, Vietnam’s coffee export turnover has achieved the highest result since 2013 so far in the first quarter of the year.
According to the General of Customs, in the first quarter of this year, Vietnam exported 585,696 tons of coffee with a turnover of 1.9 billion USD which was the highest level since 2013.
Compared to the same period in 2023, coffee exports only increased by 5.9% but the value of coffee exports increased by 56.7%. The reason is that the average export price of Vietnam’s coffee reached 3.288/USD tons, up 47% compared to 2,222 USD/ton in the same period last year.
Coffee achieved a record turnover in the first quarter of 2024.
In the past time, coffee prices in the world, especially Robusta, have continuously increased and reached record levels.
Coffee prices increased partly due to concerns about a lack of supply. According to experts, world coffee production this year decreased by about 10-15%. Meanwhile, Vietnam’s output for the 2023-2024 season is forecast to decrease by 10%. In addition, the tension in the Red Sea has caused freight and many other costs to go up, thereby putting pressure on coffee prices to rise even higher.
In the first quarter of 2024, Vietnam exported coffee to 37 major markets. In particular, 12 export markets had a turnover of over 10 million USD with a total value of 1.36 billion USD, accounting for 71% of Vietnam’s total coffee exports in the quarter. Total exports to these 12 countries accounted for 71%, reaching 416,100 tons.
Germany was Vietnam’s largest coffee export market with 229 million USD. Italy ranked second with $196 million. Followed were Spain 150 million USD, Japan 131 million USD, the US 119 million USD, and Indonesia 105 million.
Among this group, Indonesia had the highest growth in value with +168% YoY, while the US had the largest decline with -29%.
In the ASEAN market, Vietnam exported 66,859 tons of coffee in the first quarter, reaching 242 million USD, accounting for 11% in volume and 12% in value of coffee exports to the world. In addition to Indonesia, the key market, Vietnam also exported 15,384 tons of coffee to the Philippines with a value of 59 million USD.
This was followed by Thailand with 11,639 tons, reaching a turnover of 38.8 million USD; Malaysia 8,286 tons, reaching 30 million USD; Myanmar 879 tons, worth 4.6 million USD; Singapore 541 tons, worth 2.4 million USD; Cambodia 483 tons, worth 1.6 million USD; and Laos 29 tons, reaching 0.1 million USD./.