Hanoi (VNS/VNA) 🐲— Vietnam's coffee exports has topped 3 billion USD so far this year.
According to data from the General Department of Customs (GSO), Vietnam's coffee exports reached 862,400 tonnes by the first half of this month, declining by more than 8% in volume but up 38% in value compared to the same period last year.
This is also a record high compared to the same period in previous years.
Regarding price, Vietnam's average coffee export price reached 4,275 USD per tonne in May, up 14% compared to April and up 66% year-on-year.
The country's average coffee export price reached 3,475 USD per tonne in the first five months of the year, up 41% year-on-year.
In the early days of June, the price of Robusta coffee in the domestic market increased compared to the end of May.
According to the Ministry of Agriculture and Rural Development, there is currently very little coffee inventory left in the domestic market.
It is forecast that coffee output will continue to decrease by about 20 per cent in the upcoming crop year due to the recent prolonged hot weather leading to severe drought in the Central Highlands.
The Vietnam Coffee Cocoa Association (Vicofa) said that coffee prices were currently soaring sharply, therefore, coffee output exported to the world may fall but turnover would still grow.
Vicofa expects coffee exports to earn about 4.5-5 billion USD this year./.
Coffee exports are expected to reach an estimated 2.9 billion USD in the first five months of this year, representing a rise of 43.9% over the same period last year on rising prices despite a drop of 3.9% in volume to 833,000 tonnes, according to the Ministry of Agriculture and Rural Development.
Coffee prices continued to rise sharply on June 5, ranging from 122,000 - 123,500 VND (4.8-4.86 USD) per kilogramme in the Central Highlands – the largest coffee growing area in the country.
Vietnam's coffee export value to Spain have increased by more than 100%, according to the Agency of Foreign Trade under the Ministry of Industry and Trade.
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