Coffee is the agro-product with the highest increase in price

According to statistics from the General Department of Customs, Vietnam's coffee exports in the third quarter of 2024 reached $ 1.12 billion, an increase of 52.6% compared to the same period in 2023. However, export volume decreased by 12.9%, totalling 212,926 tons.

Despite a decline in production, the significant rise in coffee prices led to export turnover exceeding $ 4.24 billion in 2023, setting a new record.

By the end of the 2023-2024 crop year (from October of the previous year to September this year), Vietnam exported a total of 1.47 million tons of coffee, a decrease of 11.3% compared to the prior crop year. However, export turnover for the crop year surged by 33% to $ 5.42 billion — the highest in history.

The average export price in the third quarter reached $ 5,266/ton, a 75.2% increase year-on-year, peaking at $ 5,469/ton in September — the highest level ever recorded.

Vietnam, the world’s largest producer and exporter of Robusta coffee, has benefited significantly from the growing global demand for Robusta. This demand drove coffee prices to continuously rise and reach new highs during the 2023-2024 crop year.

Arabica coffee prices hovered around their highest levels since mid-2011, marking a 13-year peak amid concerns over future supply. Traders have also factored in the European Union’s one-year delay in implementing anti-deforestation regulations, which could restrict coffee supply from countries like Brazil and Indonesia where deforestation persists.

Additionally, adverse weather conditions are threatening the next harvest in Brazil, the world’s leading coffee producer. While recent rains have been recorded, soil moisture remains low, resulting in limited fruit development and excessive leaf growth.

In the 2023-2024 crop year, Vietnam exported 562,601 tons of coffee, valued at $ 2 billion. This represents a decrease of 8.6% in volume but a 41.1% increase in value compared to the previous year, accounting for 38.1% of the total export volume and 37% of the total export value.

Germany, Italy, and Spain were Vietnam's top three export markets, with turnover reaching $ 607.1 million, $ 416.6 million, and $ 412.6 million, respectively, reflecting increases of 37.1%, 29.6%, and 74.6% over the previous year. Exports to Japan rose 38.4% in value despite a 0.3% drop in volume, while exports to Russia saw a 20% increase in value despite a 20.3% decline in volume. Exports to other Asian markets such as the Philippines, China, Indonesia, and Malaysia experienced substantial growth in both volume and value compared to the previous year.