According to the General Department of Customs, the coffee export turnover by December 15 has reached 5.2 billion USD. This is the first time in the history of the Vietnamese coffee industry that coffee export turnover has surpassed 5 billion USD.
Data from the General Department of Customs shows that Vietnam’s coffee exports in the first half of December 2024 reached 48,371 tons, worth 263.6 million USD. This is a sharp decrease of 51.5% in volume and 6.5% in value compared to the same period last year.
Previously, the volume of coffee exported in November was also at its lowest level in the same period in over 15 years.
Coffee exports exceed 5 billion USD for the first time.
However, from the beginning of the year to December 15, 2024, Vietnam’s coffee exports reached 1.26 million tons, with a record turnover of 5.2 billion USD. It was a decrease of 16.5% in volume but an increase of 32.4% in value compared to the same period in 2023. Although the export volume decreased significantly due to the reduced production in the 2023-2024 season, the export value still increased sharply, breaking the record set in 2023 thanks to rising coffee prices.
The average export price of coffee from the beginning of the year has reached 4,105 USD/ton, an increase of 58.5% compared to the same period last year. Specifically, in the first half of December, the export price averaged 5,450 USD/ton, a decrease of 2.3% compared to the last month but an increase of 92% compared to the first half of December last year.
In the final months of this year, the global and domestic coffee prices seem to show no signs of stopping their increase, even up to new records (5,300 USD/ton in the global market and 130,000 VND/kg in the domestic market).
According to the Ministry of Industry and Trade, the cause comes from the buying power of financial investors on the London and New York exchanges. Along with that, Brazil’s production is forecast to decrease, and coffee farmers in this country holding back their stock will further drive prices up.
The Vietnam Coffee-Cocoa Association (VICOFA) said that 2024 will be an unprecedented year in the history of the Vietnamese coffee industry as well as global coffee, especially regarding coffee prices. The price of Vietnamese coffee has reached the highest level in the world, and there are times the price of Robusta coffee has even surpassed that of Arabica coffee. On the London exchange, for the first time in history, the price of Robusta coffee exceeded 5,000 USD/ton.
2024 is a significant year for Vietnam’s coffee exports when surpassing the 5 billion USD mark. It makes coffee the third agricultural product after fruits and vegetables and rice to achieve an export turnover exceeding 5 billion USD.