Vietnam’s coffee exports in the third quarter of this year will slow down because supply is no longer abundant, according to the Foreign Trade Agency, under the Ministry of Industry and Trade.
However, exports will benefit from prices because global consumer tastes tend to lean towards Robusta coffee.
In the 11 months of the 2022 – 2023 harvest year, from October 2022 to August 2023, Vietnam exported more than 1.6 million tons of coffee, 2% less than in the same period of the previous harvest year.
Production of this crop is expected to be only 1.5-1.6 million tonnes, which is a 10-15% decrease compared to the 2021-2022 crop.
Now there is not much coffee to export. Supply is expected to improve from November until the new 2023-2024 harvest season.
However, low inventories drove export coffee prices in August to a new record of $3,054 per ton, up 8% from the previous month and 30% higher than the same period last year.
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On average, in the first eight months of 2023, export coffee prices increased by almost 9%, to USD 2,463 per ton.
Production of this crop is expected to be only between 1.5 and 1.6 million tons, which is a decrease of 10 to 15% compared to the 2021-2022 crop.
According to the Ministry of Agriculture and Rural Development, in the first eight months of 2023, Vietnam exported nearly 1.2 million tons, earning almost USD 3 billion, 5.7% less in volume but 32. 3% more in value thanks to the increase in sales prices.
Vietnam’s largest coffee export markets were Germany, Italy, the US and Japan.
According to the General Department of Customs, the country’s coffee exports in August 2023 fell to the lowest level since November 2022, with the volume reaching 84,647 tons, worth 258.5 million VND (10,600 USD), 22.3% less in volume and 16% less in value than the previous month.
Article republished from the Vietnamese state media VNA within the framework of an agreement between both parties to share content. Link to the original article: https://en.vietnamplus.vn/vietnam-s-coffee-exports-to-slow-down-in-q3/268450.vnp
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Source: https://reporteasia.com/economia/industria/2023/09/23/exportaciones-cafe-vietnam-ralentizan/
