In the first 11 months of 2024, coffee exports are estimated at 1.2 million tons, worth 4.84 billion USD, down 15.4% in volume, but up 32.8% in value over the same period last year.
Import and Export Department ( Ministry of Industry and Trade ) cited data from the General Department of Customs, saying that Vietnam's coffee exports in November 2024 reached 45 thousand tons, worth 262 million USD, down 0.9% in volume, but up 0.8% in value compared to October 2024; down 62.0% in volume and down 26.5% in value compared to the same period in 2023.
In general, in the first 11 months of 2024, the export of this item is estimated to reach nearly 1.20 million tons, worth 4.84 billion USD, down 15.4% in volume, but up 32.8% in value compared to the same period in 2023. Although the export volume decreased, the price increased sharply, so Vietnam's coffee export turnover has now exceeded the whole year of 2023 and set a new record.
Coffee is the agricultural product with the strongest price increase among Vietnam's key export commodities. In November 2024, the average export price of coffee is estimated at 5,818 USD/ton - the highest level ever. In the first 11 months of this year, the average export price of coffee is estimated at 4,838 USD/ton, an increase of 56.9% over the same period in 2023.
Also according to the Import-Export Department, in November 2024, world coffee prices continuously increased and set a new record due to investors increasing purchases and concerns about delayed supply from Vietnam, along with forecasts of reduced output in Brazil, which were the driving forces for strong coffee growth.
Coffee prices have also risen as Brazilian farmers hold back their crops in hopes of further price increases, while high freight rates and a shortage of containers have slowed the flow of goods from the world's largest producer.
According to the US Department of Agriculture , Brazil's 2024-25 coffee production forecast is 66.4 million bags, down from the previous forecast of 69.9 million bags. Brazil's coffee inventories are forecast to be 1.2 million bags at the end of the 2024/25 season in June, down 26% from the same period last year.
Meanwhile, unfavorable weather in Vietnam has affected key coffee-harvesting regions, raising concerns about supply disruptions. At the same time, slow exports from Vietnam have tightened the global coffee market. However, in the medium term, coffee price The world will adjust down when more supply from Vietnam enters the market.
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