According to the General Department of Customs, in the first 6 months of the year, Vietnam’s coffee exports increased by nearly 50% and exports to the main markets grew optimistically.
In the first 6 months of 2022, Vietnam exported 1,018,650 tonnes of coffee, valued at 2.2 billion USD, up 20.7% and 48.5% respectively.
In June 2022, Vietnam’s coffee export price reached 2,295 USD/tonne, up 18.2% compared to the same period in 2021. Overall, in the first 6 months of 2022, the average export price of Vietnam’s coffee reached 2,257 USD/tonne, an increase of 23%.
Average export price of coffee in the months of 2020 – 2022. (Photo: Ministry of Industry and Trade)
Compared to the same period in 2021, coffee exports to most markets increased, except for the Philippines and China. In particular, coffee exports to Belgium and the UK grew by three figures, and to Germany, Italy, Spain, and Russia grew by two figures.
According to the Ministry of Industry and Trade, at the beginning of July 2022, domestic Robusta coffee prices decreased according to world trends. On July 8, 2022, the price of Robusta coffee in the domestic market decreased by 1,500 VND/kg compared to June 28, 2022, to 40,900 – 41,400 VND/kg. The highest price was 41,400 VND/kg in Dak Lak province, the lowest price was 40,900 VND/kg in Lam Dong province, and the common price was 41,300 VND/kg in Gia Lai and Dak Nong provinces.
Robusta coffee prices in Vietnam from the beginning of the year to July 8. (Photo: Ministry of Industry and Trade)
In the world market, at the beginning of July 2022, the price of coffee continued to fall to its lowest level since the beginning of this year due to increased risk concerns as the Central Bank of the countries raised the monetary base rate to prevent inflation. The United States Federal Reserve (FED) released the minutes of its June meeting indicating that the country will enter a period of monetary policy tightening. This may stall the economy’s recovery from the COVID-19 pandemic.
On the London exchange, on July 8, 2022, Robusta coffee prices with maturities in July 2022, September 2022, November 2022, and January 2023 fell to 1,933 USD/tonne (-5.4%); 1,944 USD/tonne (-4.7%); 19.47 USD/tonne (-4.1%), and 1,947 USD/tonne (-3.7%) respectively.
Meanwhile, on the New York Exchange, on July 8, 2022, the prices of Arabica coffee with maturities in July 2022, September 2022, December 2022, and March 2023 fell 1.7%, 1.4%, 1.9%, and 2.2% respectively, compared to June 28, 2022, to 222.2 Uscent/lb, 218.9 Uscent/lb, 216.05 Uscent/lb, and 213.3 Uscent/lb.