Export coffee prices have risen impressively, reaching over $3,000 per ton.

According to the latest statistics from the General Department of Customs, in February, the whole country exported 160,584 tons of coffee, with a value of 528.5 million USD, a decrease of 32.6% in volume and 27.3% in value compared to the previous month.

Despite a decline in February due to the Lunar New Year holiday in 2024, coffee exports are still showing impressive growth overall in the first two months of the year.

By the end of February, exports of this product group reached approximately 400,000 tons, with a value of over 1.25 billion USD, an increase of 16% in volume but a significant increase of 68% in value compared to the same period in 2023.

Coffee exports surged in the first two months of the year, bringing in $1.25 billion.

This result has propelled Vietnam's coffee exports to a new record, surpassing the $1 billion mark in just the first two months of the year.

Notably, Vietnam's coffee export price in February saw an impressive increase, reaching US$3,276 per ton, up 7.4% from the previous month and 50.6% year-on-year. Overall, for the first two months of the year, the average export price of Vietnamese coffee reached US$3,153 per ton, a 44.7% increase compared to the same period last year.

In terms of coffee export categories, Vietnam recorded growth in the export of both main types of coffee: Robusta and Arabica. This growth was reflected not only in volume but also in value, particularly with Robusta green coffee accounting for nearly $1.84 billion, Arabica over $56.62 million, and decaffeinated coffee nearly $3.2 million.

Notably, processed coffee, including roasted and instant coffee, contributed over $401 million to total export revenue.

Roasted and instant coffee exports totaled approximately 90,000 tons (not yet converted to green coffee beans), with an export value of approximately US$510 million. This volume accounted for about 5.4% and the value about 12.5% ​​of the total coffee exports in the 2022-2023 coffee crop year.

According to the latest report from the International Coffee Organization (ICO), world Robusta coffee prices continued to rise in February and remained at their highest level in 30 years. Meanwhile, global green coffee bean exports also set a new record.

According to the ICO report, exports of all types of coffee from the Asia and Oceania region increased by 47.1% in January to nearly 5.1 million bags.

This is mainly due to a 66% increase in Vietnam's coffee exports to over 4 million bags. This is the largest monthly export volume ever recorded, surpassing the previous record of 3.6 million bags achieved in March 2022.

Previously, Vietnam's coffee exports from the beginning of the fourth quarter of the 2022-2023 crop year to November only reached 6.9 million bags, a sharp decrease of 22.6% compared to the same period in 2022. This was due to a below-average harvest, leading to a tight domestic supply situation, which was then exacerbated when farmers held back coffee in anticipation of higher prices.

According to updates from websites specializing in coffee prices, on March 14th, the price of bulk green coffee beans in the Central Highlands region was fluctuating around 91,000 VND/kg.

With an impressive start, experts and managers are expecting coffee exports to reach a record high of $5 billion in 2024.

In 2024, the Vietnam Coffee and Cocoa Association (Vicofa) forecasts that domestic coffee consumption will tend to increase. Accordingly, the domestic coffee market is expected to reach approximately 150,000 tons of roasted and processed coffee.

Total domestic consumption of green coffee beans could increase to 350,000-400,000 tons per year. Instant coffee production is estimated at 100,000 tons, equivalent to 230,000 tons of green coffee beans, and is expected to increase due to numerous investment projects and factory expansions. Coffee exports for the 2023-2024 crop year could still reach US$4.5-5 billion thanks to continued rising coffee prices while production decreases.

According to the Vietnam Coffee and Cocoa Association, Vietnam's coffee production for the 2023/2024 crop year is expected to decrease to 1.6-1.7 million tons, lower than the 1.78 million tons in the 2022/2023 crop year. Although coffee exports to the world may decrease, the export value is still expected to surge. Coffee exports are projected to exceed US$4.6-5.0 billion.

Source: https://congthuong.vn/gia-ca-phe-xuat-khau-tang-an-tuong-dat-hon-3000-usdtan-309203.html