Vietnam exported 50,000 tons of coffee, valued at $292.7 million in October, bringing the total coffee export volume to nearly 1.2 million tons, and value to $4.6 billion in the first 10 months of this year, surpassing the $4.18 billion figure  recorded in 2023.

According to the Ministry of Agriculture and Rural Development, despite a 10.8% decrease in coffee export volume during the first 10 months of 2024 compared to the same period in 2023, the value surged by 40.1% year-on-year.

The significant increase in coffee export revenue is attributed to record-high coffee export prices. The average export price of coffee in the ten-month period was estimated at $3,981 per ton, a 57% rise compared to the same period in 2023.

Germany, Italy, and Spain were Vietnam's top three coffee importers in the past 10 months, with market shares of 11.2%, 8.2%, and 7.9%, respectively. Coffee exports witnessed growth in all markets within the top 15 export destinations, with the Philippines and Malaysia experiencing the most substantial increases at 2.2 times, while Belgium saw the lowest growth at 5.2%.

Mr. Nguyen Nam Hai, Chairman of the Vietnam Coffee - Cocoa Association (VICOFA), stated that "Beyond the records in price and export revenue, Vietnamese coffee has increasingly demonstrated its vital role in meeting global market demand. This not only brings economic benefits to coffee growers but also reinforces the position of Vietnamese coffee in the international market."

As per the VICOFA, in the 2023-2024 coffee crop (from October 2023 to October 2024), Vietnam exported 1.46 million tons of coffee, marking a 12.1% decline compared to the previous crop. Despite the decrease in export volume, revenue surged by 33.1%, reaching $5.43 billion. This is the highest export revenue recorded for a single coffee crop. 

Mr. Do Ha Nam, Vice Chairman of the association, emphasized that 2024 was a special year for the coffee industry.

“For the first time, Vietnamese coffee prices were the highest globally. Export prices of Robusta coffee (the type of coffee Vietnam produces the most) surpassed those of Arabica coffee,” said Mr. Nam.

Source: VnEconomy