| Robusta coffee prices hit new high as USD falls sharply Concerns over supply prospects, coffee export prices set new high |
Exports increased sharply in both volume and value.
Vietnam's coffee exports in February 2024 decreased in volume but increased sharply in value compared to the same period last year. Specifically, according to statistics released by the Vietnam Coffee and Cocoa Association (Vicofa), in February 2024, Vietnam exported about 155,900 tons of coffee, with an export turnover of about 523.7 million USD, down 22.1% in volume but up 20.4% in value compared to the same period last year.
In the first two months of 2024, Vietnam exported about 394,167 tons of coffee, with an export turnover of about 1.25 billion USD, up 15.1% in volume and 67.7% in value over the same period last year.
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| Domestic coffee prices have now exceeded 90,000 VND/kg. |
In the first 5 months of the coffee crop year (from October of the previous year to September of the following year), Vietnam exported about 764,802 tons of coffee, with an export turnover of over 2.36 billion USD, up 1.5% in volume and 39.4% in value over the same period last year.
Robusta coffee is dominant
According to Vicofa, considering each type of exported coffee, Robusta coffee still dominates with an output of 663,669 tons, a turnover of nearly 1.84 billion USD, while Arabica coffee beans are only exported 15,404 tons, a turnover of over 56.62 million USD, and decaffeinated coffee beans are 15,477 tons, a turnover of nearly 3.2 million USD.
Notably, in the first 5 months of the 2023/2024 coffee crop year, in terms of green coffee bean export volume (raw coffee), Vietnamese enterprises accounted for a large market share, of which Vinh Hiep Company Limited led with 81,025 tons. Followed by enterprises Intimex Group, Tuan Loc Commodities, Simexco Daklak, Louis Dreyfus Company Vietnam, Intimex My Phuoc, Phuc Sinh, NKG Vietnam, Olam Vietnam and Hoa Trang - Gia Lai .
In the roasted and instant coffee segment, exports reached about 68,780 tons (not converted to green coffee), with a turnover of over 401.33 million USD (the volume of roasted and instant coffee accounts for about 9.0% and the turnover accounts for about 17.0% of the total coffee exports). However, in this segment, the top FDI enterprises dominate and NESTLÉ Vietnam is the leading enterprise with 57.5 million USD. In second place is OUTSPAN Vietnam with 53.2 million USD, Ngon Coffee in third place with 52.9 million USD. Next are Trung Nguyen Group, IGUACU Vietnam, URC Vietnam, TATA COFFEE Vietnam, INSTANTA Vietnam, SUCAFINA Vietnam and Peak Selection.
Domestic coffee prices continue to increase
According to businesses, the sharp increase in export value has positively impacted domestic coffee prices. Accordingly, coffee prices continued to increase by 600 - 700 VND/kg at the beginning of this week. Specifically, coffee prices in Dak Lak were 91,300 VND/kg, Dak Nong 91,500 VND/kg, Gia Lai 91,200 VND/kg and Lam Dong 90,600 VND/kg.
Many businesses said that the current price is beyond the imagination of most people in the industry, but in reality, from farmers to traders and even small businesses, there are not many people who have coffee left. Accordingly, Vietnam has finished the harvest and will have to wait until October 2024 for the next harvest. In addition, the hot and dry weather also affects the productivity and quality of the upcoming coffee crop. Therefore, coffee prices have continuously broken the 80,000 - 90,000 VND/kg mark and in the near future, it is very likely that the 100,000 VND/kg mark will also be broken.
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