2024 is a successful year for the Vietnamese coffee industry as export value exceeded the 5.4 billion USD mark thanks to strong price increases, and the export outlook for this year is still positive.
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| 2024 is a successful year for the Vietnamese coffee industry as export value exceeded the 5.4 billion USD mark thanks to strong price increases, and the export outlook for this year is still positive. (Source: Pixabay) |
In a newly released report, the Import-Export Department ( Ministry of Industry and Trade ) said that 2024 was a successful year for the Vietnamese coffee industry when export value exceeded the 5 billion USD mark thanks to strong price increases.
Specifically, preliminary statistics show that Vietnam's coffee exports in the fourth quarter of 2024 are estimated at 208.4 thousand tons, worth 1.16 billion USD, down 43.7% in volume, but up 3.9% in value compared to the fourth quarter of 2023.
In 2024, Vietnam's coffee exports are estimated to reach 1.32 million tons, worth 5.48 billion USD, down 18.8% in volume but up 29.1% in value compared to 2023.
2024 is a special year for the coffee industry and for the first time, Vietnamese coffee prices are the highest in the world . Robusta coffee export prices are higher than Arabica coffee prices and this has never happened before.
In December 2024, the average export price of Vietnamese coffee is estimated at 5,450 USD/ton, down slightly by 2.3% compared to November 2024, but up sharply by 88.8% compared to December 2023. For the whole year of 2024, the average export price of coffee is estimated at 4,158 USD/ton, up 59.1% compared to 2023.
Global coffee prices have been hitting new records over the past year, mainly due to concerns about supply shortages from major exporting countries such as Vietnam and Brazil due to unfavorable weather. In addition, increased purchases by hedge funds and increased tensions in the Red Sea, which have led to higher shipping costs, have also contributed to the sharp increase in coffee prices. In addition, coffee prices have been supported by increased stockpiling by countries amid concerns that the EUDR will be implemented by Europe after December 30, 2024.
Domestic coffee prices have increased sharply following the increase in the world market. Coffee prices on December 27, 2024 increased from VND 54,000 - 54,300/kg compared to December 27, 2023, ranging from VND 121,500 - 123,300/kg (depending on the surveyed area). Currently, the 2024 - 2025 crop harvest in Vietnam is progressing rapidly with a completion rate of over 40%.
The Import-Export Department forecasts that coffee exports will continue to grow in 2025 as supply increases and consumer demand from countries around the world increases.
Global coffee exports in 2025 are expected to increase only modestly as increased exports from Vietnam and Indonesia offset an expected decline in Brazilian exports.
Specifically, Vietnam's coffee exports are expected to increase by 1.8 million bags in 2025, to 24.4 million bags, thanks to improved supply. Meanwhile, global coffee consumption in 2025 is expected to increase by 5.1 million bags, reaching 168.1 million bags. Most of the increase will come from the European Union (EU), the United States and China.
USDA estimates that global consumption will increase by 5.1 million bags to 168.1 million bags in 2025, mainly from the EU, the US and China. The EU remains the world’s largest coffee consumer, with consumption expected to reach more than 42 million bags in 2024-25, up more than 2.4 million bags from the previous year.
In China, coffee consumption has increased by nearly 150% over the past 10 years and is forecast to reach 6.3 million bags (60 kg bags) in the 2024-2025 crop year. With domestic production hovering around 2 million bags, China will have to increase imports to meet growing domestic demand.
Over the past decade, China's coffee imports have nearly tripled and are forecast to reach 5.6 million bags in 2024-25.
Source: https://baoquocte.vn/xuat-khau-ca-phe-lap-ky-luc-nam-2025-du-bao-tiep-tuc-la-nam-thanh-cong-300641.html
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