| Name 3 agricultural and forestry products regulated by the EU Deforestation Regulation (EUDR) Average coffee export price in October 2023 to the US market reached a record high |
The Import-Export Department ( Ministry of Industry and Trade ) cited statistics from the General Department of Customs, saying that Vietnam's coffee exports in November 2023 are estimated to reach 80 thousand tons, worth 252 million USD, up 83.0% in volume and 59.9% in value compared to October 2023, down 37.9% in volume and 17.5% in value compared to November 2022.
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| In November 2023, coffee exports earned 3.54 billion USD (photo by Nguyen Hanh) |
In the first 11 months of 2023, Vietnam's coffee exports are estimated at approximately 1.38 million tons, worth 3.54 billion USD, down 12.9% in volume and 2.5% in value over the same period last year.
It is estimated that in November 2023, the average export price of Vietnam's coffee will reach 3,148 USD/ton, down 12.6% compared to November 2023, but up 32.8% compared to November 2022.
In the first 11 months of 2023, the average export price of Vietnam's coffee is estimated at 2,570 USD/ton, an increase of 11.9% over the same period in 2022.
While Robusta and Arabica coffee exports decreased compared to the same period in 2022, Excelsa and processed coffee exports increased.
Notably, Vietnam's Robusta coffee exports to most traditional markets decreased, but exports to Mexico, the Netherlands, Indonesia, etc. increased sharply.
With Arabica coffee, Vietnam currently mainly exports Arabica coffee to markets in Belgium, the United States, Germany, the Netherlands, Japan, Thailand, etc.
In November 2023, while Robusta coffee prices in the domestic market decreased, in the world market, Robusta and Arabica coffee prices increased sharply due to concerns about supply shortage.
According to the report of the Foreign Agricultural Service (FAS) under the United States Department of Agriculture (USDA), the potential decrease in Robusta coffee supply for the global consumption market from major producing countries in Southeast Asia has prompted funds and speculators to return to the futures market to increase purchases, however, the volume is not much due to caution from the issue of currency interest rates.
In Vietnam, FAS estimates 2023/24 production will fall to 27.8 million bags from an estimated 31.3 million bags in May 2023 due to unfavorable weather.
Estimated carryover stocks fell to just 390,000 bags from 2.76 million bags as previously estimated.
FAS also forecasts Indonesia's total coffee production in the 2023/2024 crop year to decrease by 18.14% compared to the previous 2022/2023 coffee crop year, to 9.7 million bags. Indonesia is expected to prioritize raw coffee for the domestic industry, with only about 5 million bags of coffee beans for export, down 35.02% compared to the previous crop year.
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