Coffee export turnover increased sharply

In the 2023-2024 crop year, Vietnam exported 1.45 million tons of coffee, reaching the highest turnover ever with nearly 5.4 billion USD.

In the 2023-2024 crop year, Vietnam exported 1.45 million tons of coffee, reaching the highest turnover ever with nearly 5.4 billion USD, down nearly 13% in volume but up 33% in value compared to the previous crop year. This is information from the 2023-2024 coffee crop summary conference held in Ho Chi Minh City.

Export prices have been steadily increasing in the past crop year. In Vietnam, coffee prices have also been consistently hitting new highs, reaching their highest level in the past 30 years. This is the reason why Vietnam’s coffee export volume has decreased but its value has increased sharply. Currently, coffee prices have cooled down, but the market for the upcoming 2024-2025 crop year is still difficult to predict.

Experts believe that Vietnam’s coffee output will increase in the next few years. In the past two years, farmers have invested more in garden care due to high coffee prices.

Mr. Nguyen Quang Binh, a coffee market expert, commented: In 2024, the Vietnamese and world coffee markets will witness an unprecedented price storm, helping farmers to win but also many businesses to "fall into trouble" and suffer significant losses. The world and domestic markets are forecast to continue to fluctuate, requiring the coffee industry to make early adjustments to stay on track and maintain sustainable growth.

Mr. Nguyen Quang Binh said that the immediate task of the Vietnamese coffee industry is to quickly resolve the gaps in the supply chain and regain prestige from export partners. From the farmers' perspective, priority should be given to improving coffee quality and avoiding massive expansion of acreage, causing supply to exceed demand. In addition to purchasing and exporting raw materials, businesses should actively invest in processing and deep processing of value-added products to ensure sustainable growth in the long term.

According to VTV

Source: https://doanhnghiepvn.vn/kinh-te/kim-ngach-xuat-khau-ca-phe-tang-manh/20241027051854846