With a turnover of 1.38 billion USD in the first two months of 2024, coffee exports have surpassed rice and vegetables to get the No. 1 position in agricultural exports for the first time. Not only that, coffee also surpassed seafood (with a turnover of 1.2 billion USD) to rank second in the group of agricultural-forestry-fishery, only behind wood and wood products.
Coffee exports surpassed one billion USD for the first time in the first two months of 2024.
According to the General Department of Customs, in February 2024, Vietnam exported 160,584 tons of coffee with a turnover of 528.5 million USD, down 32.6% in volume and 27.3% in turnover compared to the previous month.
In the first two months of the year, Vietnam’s coffee exports reached 438,000 tons, with a turnover of 1.38 billion USD. This result was up 27.9% in volume and 85% in value over the same period in 2023. It brought Vietnam’s coffee exports to a new record, surpassing the one billion USD mark just in the first two months of the year.
RECORD HIGH EXPORT PRICES
Looking back on the export group of agricultural products in 2023, the first position was taken by vegetables and fruits with a turnover of 5.69 billion USD, the second was rice with a turnover of 4.78 billion USD, and coffee ranked third with a turnover of 4.24 billion USD.
However, in the first two months of this year, surpassing vegetables (815 million USD) and rice (708 million USD), coffee has become the industry with the largest export turnover in the group of agricultural products. Not only that, coffee also surpassed seafood (1.2 billion USD) to rank second in the group of agricultural-forestry-fishery products, only behind wood and wood products.
In particular, Vietnam’s average export price of coffee in February 2024 set the highest record ever, averaging 3,276 USD/ton, up 7.4% compared to January 2024 and 50.6% over the same period last year. In two months, the average export price of Vietnam’s coffee reached 3,153 USD/ton, up 44.7% over the same period last year.
It is expected that Vietnam’s coffee exports may reach five billion USD in 2024.
“The average export price of coffee in the first two months of 2024 has increased to 1,000 USD/tons compared to the same period last year. The growth of all three criteria in terms of quantity, price, and average value of coffee exports is helping farmers, especially in the Central Highlands enjoy great joy “.
Vietnam Cocoa Coffee Association.
In the 2023/2024 crop, Vietnam’s coffee production is forecast to decrease to 1.6 – 1.7 million tons, lower than 1.78 million tons in the 2022/2023 crop. Although coffee exports to the world may decrease, the turnover can have a breakthrough. It is expected that Vietnam’s coffee exports may reach five billion USD in 2024.
According to the latest report of the International Coffee Organization (ICO), the world robusta coffee price continued to increase in February and maintained at the highest level in 30 years. Meanwhile, global green coffee exports also set a new record milestone.
World coffee prices tracked by ICO (I-CIP) averaged 182 US cents/pound in February, up 3.2% month-on-month and 6.8% year-on-year. This is the highest price achieved in the past 17 months, ranging between 177.5 – 187.1 US cents /pound. In particular, the price of robusta coffee in February 2024 continued to increase by 3.2% compared to January 2024, to an average of 153.3 US cents/pound, the highest level recorded since November 1994. Similarly, the price of Colombian and other arabica coffee increased by 1.9% and 2.7% respectively, reaching 209.5 US cents/pound and 208.8 US cents/pound. Arabica Brazil was the most volatile group, rising 4.1% to an average of 186.7 US cents/pound.
The ICO report shows that coffee exports from Asia and Oceania increased by 47.1% in January 2024 to nearly 5.1 million bags. It was mainly because Vietnam’s coffee exports increased by 66% to more than four million bags. This is the largest monthly export volume ever recorded, surpassing the previous record of 3.6 million bags achieved in March 2022./.