According to the General Department of Customs, in July 2024, Vietnam’s coffee exports reached nearly 77,000 tons, equivalent to 381 million USD. This result was up 9.7% in volume and 18.2% in turnover compared to June 2024. The price increased 7.8%, reaching 4,951 USD/ton.
In the first 7 months of 2024, Vietnam exported 980,000 tons, equivalent to nearly 3.6 billion USD, down 12.4% in volume but up 33.5% in turnover. Decreased production but increased turnover caused export prices to increase by 52% compared to the first 7 months of 2023, averaging 3,683 USD/ton.
Domestic coffee prices also witnessed a high increase, currently maintaining stability in the range of 118,600–119,300 VND/kg.
The coffee export prices have increased for 7 consecutive months.
In the first 7 months of 2024, Germany was the largest export market, reaching 121,500 tons, equivalent to 428 million USD, down 11.6% in volume and up 42.3% in turnover compared to the first 7 months of 2023. The average export price was 3,521 USD/ton, a strong increase of 61% over the same period last year.
Coffee exports to Italy ranked second, reaching 91,082 tons, equivalent to 296 million USD, priced at 3,245 USD/ton. This was down 14.5% in volume but up 26% in turnover and 47.3% in price compared to the first 7 months of 2023.
Spain was the third-largest export market, up 17.8% in volume and 81% in turnover compared to the first 7 months of 2023, reaching 71,734 tons, equivalent to 273 million USD. The export price was 3,810 USD/ton, up 54% over the same period last year.
China is a very active buyer of Vietnamese coffee. Since the start of the year, this country has spent 130 million USD to import 32,423 tons of coffee from Vietnam, an increase of 27.2% in volume and 58.3% in value. The average export price was 4,013 USD/ton, up 24.5% over the same period last year.
Coffee exports have increased sharply in all markets in general and in the EU in particular. Thanks to the Vietnam-EU Free Trade Agreement (EVFTA), there is potential to expand the Vietnamese coffee market in the EU. The most beneficial product is processed coffee. In addition, the EU has committed to protecting 39 geographical indications in Vietnam related to coffee.
The Ministry of Industry and Trade forecasted that Vietnam’s coffee exports in the remaining months of the third quarter will decrease due to low supply. By October, when the 2024–2025 coffee harvest begins, the coffee supply will increase again.
In 2023/2024, Vietnam’s coffee production is estimated at 1.47 million tons—the lowest level in four years, down 20% compared to 2022/2023. Next year’s coffee production is likely to remain down due to unfavorable weather. Thus, if the inventory of the previous year is not included, Vietnam only has about 200,000 tons to export from now to September.
However, the Vietnamese coffee industry will benefit in terms of prices. Global Robusta prices will fluctuate in a strong and prolonged uptrend due to concerns about scarce supply from Vietnam.