The 2023-2024 crop year report shows that coffee exports this crop year have contributed more than 5.4 billion USD to Vietnam's export turnover. This is the highest turnover in the history of coffee exports to date, according to Vicofa.
Coffee price today 11/2/2024
World coffee prices continued to fall as there was official information that coffee supplies were gradually recovering after two consecutive years of record shortages.
Domestic coffee prices have continuously decreased, losing 14,000 VND/kg in October 2024, currently trading in the range of 107,300 - 107,700 VND/kg.
The market has been volatile over the past week, ending the week with two consecutive sharp declines. Coffee prices were under pressure due to rains in Brazil and new harvest pressure in Vietnam, while demand dropped suddenly when the European Commission (EC) proposed to delay the implementation of the European Union's Deforestation and Forest Degradation Regulation (EUDR).
The world's coffee output in the 2023-2024 crop year is expected to reach 10.68 million tons, up 5.8% over the previous crop year. Of which, Arabica coffee output increased by 8.8% to 6.13 million tons; while Robusta coffee increased by only 2.1% to 4.53 million tons. Therefore, the world coffee market in the 2023-2024 crop year is expected to have a surplus of about 100,000 tons. However, previously in the 2022-2023 crop year, the global coffee supply was short by about 300,000 tons, while the previous crop year had a record shortfall of 516,000 tons.
From Brazil, the weakening real has put downward pressure on coffee prices. The real fell sharply and was just above a 2.5-month low against the dollar on October 30. The weaker real encourages Brazilian coffee producers to boost exports, according to Barchart . In addition, Climatempo reported that heavy rains are expected in Brazil's largest arabica coffee growing region this weekend, raising hopes for a good new harvest.
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| Domestic coffee prices on November 1st dropped sharply by VND1,500/kg in some key purchasing localities. (Source: Shutterstock) |
According to World & Vietnam , at the end of the first trading session of November (November 1), the price of robusta coffee on the ICE Futures Europe London exchange continued to decrease, the delivery period for January 2025 decreased by 95 USD, trading at 4,274 USD/ton. The delivery period for March 2025 decreased by 77 USD, trading at 4,204 USD/ton. Trading volume was low.
Arabica coffee prices on the ICE Futures US New York exchange decreased, with the December 2024 delivery period decreasing by 2.9 cents, trading at 243.00 cents/lb. Meanwhile, the March 2025 delivery period decreased by 3.1 cents, trading at 242.4 cents/lb. Trading volume was high.
Domestic coffee prices on November 1st dropped sharply by VND1,500/kg in some key purchasing localities. Unit: VND/kg
(Source: giacaphe.com) |
The 2023-2024 coffee crop report of the Coffee and Cocoa Association shows that the total coffee exports in the crop year reached about 1.45 million tons, mainly robusta coffee with more than 1.2 million tons. Coffee exports in the past crop year contributed more than 5.4 billion USD to Vietnam's export turnover.
According to Vicofa, although the output of the last crop decreased by 12.7%, the export value still increased sharply by 33% due to high coffee prices. This is the highest turnover in the history of Vietnamese coffee exports to date. The average export price of coffee in the first 10 months of 2024 is estimated at 3,981 USD/ton, an increase of 57%.
Vicofa said that Vietnamese coffee is currently exported to over 80 countries and territories. Of which, Europe accounts for about 48% of the market share, Asia 21%, and the US 6%. Germany, Italy, and Spain are the three largest coffee consuming markets of Vietnam in the first 9 months of 2024, with significant growth in other markets such as the Philippines and Malaysia.
The ranking of enterprises with large coffee export turnover in Vietnam also changed when Vinh Hiep Company Limited (Gia Lai) surpassed Intimex Group Joint Stock Company (HCMC) to take the top spot. Specifically, Vinh Hiep's export turnover increased sharply from 244 million USD in the 2022-2023 crop year to 520 million USD in the 2023-2024 crop year. Meanwhile, Intimex Group had a lower growth rate, from 318 million USD to 407 million USD.
In addition to the two leading positions, other enterprises with export value of over 200 million USD are Louis Dreyfus Company Vietnam, Tuan Loc Commodities, 2-9 Dak Lak Import-Export Company Limited, Nestlé Vietnam Company, Intimex My Phuoc Joint Stock Company. Notably, a famous name in the Vietnamese coffee industry, Trung Nguyen Group, ranked only 16th with an export value of 114 million USD.
Source: https://baoquocte.vn/gia-ca-phe-hom-nay-2112024-gia-ca-phe-trong-nuoc-giam-manh-mat-14000-dong-trong-mot-thang-thanh-tich-chua-tung-co-cua-nganh-ca-phe-viet-292255.html
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