Exports increased by more than 200%, domestic prices increased continuously

According to preliminary statistics from the General Department of Customs, in March 2024, Vietnam’s coffee exports increased by 17.7% in volume, increased by 27.1% in turnover compared to February 2024 and prices increased. 8%, reaching 188,972 tons, equivalent to 671.83 million USD, average price 3,555 USD/ton.

Overall, for the first 3 months of 2024, coffee exports increased by 6% in volume, 56.9% in turnover and 48% in price compared to the first 3 months of 2023, reaching 585,696 tons, equivalent to nearly 1,000 tons. 93 billion USD, average price 3,288.8 USD/ton.

Not only export prices, domestic coffee prices also increase continuously and show no signs of cooling down. Currently, the average coffee price in the Central Highlands provinces is 132,000 VND/kg, the highest price in Dak Nong province is 132,200 VND/kg.

Vietnam’s coffee exported the most to the German market in the first 3 months of 2024, accounting for over 12.4% of the total volume and 11.9% of the country’s total coffee export turnover, reaching 72,377 tons. , equivalent to 229.32 million USD, price 3,168.4 USD/ton, down 6.6% in volume, up 46.8% in turnover and up 57.2% in price compared to the first 3 months of 2023. Calculated In March 2024 alone, exports reached 21,736 tons, equivalent to 73.77 million USD, down 8.3% in volume and down 3.5% in turnover compared to February 2024.

Coffee exports to Italy ranked second in the market, up 20.6% in volume, up 77.6% in turnover and up 47.2% in price compared to the first 3 months of 2023, reaching 64,627 tons, equivalent to 196 07 million USD, price 3,033.8 USD/ton, accounting for 11% of the total volume and 10.2% of the country’s total coffee export turnover.

Coffee exports to the Spanish market increased by 65.5% in volume, increased by 148% in turnover compared to the first 3 months of 2023, reaching 44,619 tons, equivalent to 150.3 million USD, accounting for nearly 8% of the total volume. and total turnover.

In addition to the top 3, many markets witnessed 3-digit growth such as Indonesia, Philippines,… Among them, Thailand is a very active buyer of Vietnamese coffee.

Specifically, in March, Vietnam exported 6,149 tons of coffee to Thailand, equivalent to 5.36 million USD, an increase of 130% in volume and 96% in value compared to March 2023.

In the first quarter, the land of the Golden Temple spent 38.8 million USD to import 11,638 tons of coffee from Vietnam, an increase of 234.84% in volume and 144.83% in value. In contrast to the whole market, the average export price reached 3,334 USD/ton, down 26.8% over the same period.

Dry weather in coffee growing areas is happening not only in Vietnam but in all coffee regions globally, due to the influence of the El Nino phenomenon. This situation has had a negative impact on coffee productivity and output, especially Robusta coffee.

In addition, domestic coffee prices have increased recently because in the world at this stage only Vietnam harvests. Indonesia harvests around April-May, while Brazil harvests around July.

Along with that, the continuous occurrence of military conflicts around the world, especially in the Red Sea region, has pushed up the price of transporting coffee to Europe – the world’s largest coffee consuming region. go to high place. In particular, in the international financial market, many investors tend to choose coffee (after oil and gold) for investment, causing coffee prices to increase sharply.

Faced with concerns about global supply in general and in Vietnam in particular, domestic coffee prices are completely likely to reach a new historic level of 150,000 VND/kg.