With favorable factors in price, market, and output, coffee exports in 2024 are forecast to reach a record of 5 billion USD. The coffee industry will contribute to overall economic growth. Coffee will be an export item with a value of over 5 billion USD.
According to the Ministry of Agriculture and Rural Development, in the first 7 months of 2024, Vietnam exported 964,000 tons of coffee, reaching a turnover of 3.54 billion USD. Despite the decrease in quantity, the value of coffee exports in 7 months increased by 30.9%.
Coffee exports could hit a record of 5 billion USD.
The export price of Vietnam’s coffee on the world market has increased, especially in the main markets, such as Spain, Russia, the US, Indonesia, the Philippines, the Netherlands, or China. The price has increased by about 30% compared to the previous year.
The price of coffee is now almost 2.5 times higher than this time last year. The rise in coffee export prices can be attributed to countries’ increased import demand. However, supply is declining, especially in the 2023–2024 season.
According to the Vietnam Coffee and Cocoa Association (VICOFA), Vietnam has only about 148,000 tons of coffee for export in the remaining 2 months of the 2023–2024 season (from August to the end of September 2024). Meanwhile, the new crop will start in October 2024.
The lack of supply can push the coffee price in the world market to continue to increase in the near future. In addition to the price, the market factor is favorable. Specifically, Vietnam’s coffee exports to the UK have increased.
Besides, the Ministry of Industry and Trade also forecasts that Vietnam’s coffee exports to countries such as Spain, Russia, the US, Indonesia, the Philippines, the Netherlands, China, etc. will continue to increase in the coming time.