In the first six months of 2024, Vietnam’s coffee exports reached 902,000 tons. This amount decreased by 10.6% compared to the same period last year. However, due to a sharp rise in export coffee prices, revenue reached $3.2 billion, up 34.5% year-on-year.
According to the statistics, Vietnam exported 84,600 tons of coffee in June 2024. This is a 40% drop compared to the same month in 2023. However, export revenue still reached $300 million, thanks to a more than 50% surge in prices to record levels.
Experts predict that Vietnam’s coffee exports will surpass $5 billion in 2024. Several optimistic experts even suppose the highest value in history of $6 billion.
The annual coffee harvest calculates from October of the previous year to the end of September of the following year. Currently, Vietnam has more than 710,000 hectares of coffee cultivation in the 2022-2023 crop year, with a coffee output of nearly 1.8 million tons.
Vietnam’s coffee exports
In the 2023-2024 crop year, the coffee growing area is 709,041 hectares. Due to drought and pests, coffee output decreased by 20% compared to the previous crop year, at 1.47 million tons. This is the lowest level in 4 years, sharply reducing the supply of Robusta coffee on the world market.
According to the Vietnam Coffee Association, coffee export amount decreased sharply in the first half of 2024. However, in the first 9 months of the 2023-2024 crop year, Vietnam’s coffee exports can reach 25.25 million bags. They are equivalent to 1.52 million tons, up nearly 7.6% over the same period last year.
“Coffee exports in July, August, and September will gradually decrease as supplies run out. We will have to wait until October, when the new coffee harvest begins, for Vietnam’s coffee supply to increase again,”. It also said that Robusta coffee output in the 2024-2025 crop year will only reach 1.28 – 1.35 million tons. It is down 20% compared to the 2023-2024 crop year. However, this figure is significantly higher than previous forecasts by some organizations and industry experts.
Vietnamese source: https://vneconomy.vn/xuat-khau-ca-phe-2024-co-the-len-toi-6-ty-usd-muc-cao-nhat-trong-lich-su.htm