Global Robusta coffee prices hit a 28-year peak due to concerns about low inventories and sales restrictions in 2023, helping Vietnam’s coffee exports reach nearly $4.2 billion, according to the Ministry of Industry and Trade.
Vietnam's coffee exports in 2023 totaled roughly 1.61 million tons, valued at $4.18 billion, a 9.6% decrease in volume but a 3.1% increase in value year-on-year. The average coffee export price in 2023 was $2,834 per ton, a 14.1% year-on-year increase.
According to the trade ministry, Vietnam's coffee industry in 2024 will continue to benefit from high Robusta prices, possibly even peaking due to concerns about supply shortages.
In 2024, Vietnam's coffee industry will focus on solutions for sustainable development and traceability, especially meeting the EU's EUDR anti-deforestation regulations. This will be one of the factors that help Vietnam's coffee industry boost exports to the EU market, the ministry added in a report.
In 2023, domestic Robusta coffee prices fluctuated strongly. For nearly the first five months of the year, the price remained below VND60,000 ($2.47) per kilogram, but rose to a record high at the end of 2023. On December 27, 2023, the price of Robusta in the domestic market increased to nearly VND70,000 per kilogram, nearly double compared to the beginning of the year.
In a report on the coffee market released on December 21, the U.S. Department of Agriculture (USDA) estimated world coffee inventories in the current crop at just 26.5 million 60kg bags, down 16.7% from the previous report and 4% from the 2022/2023 estimate. This is the lowest inventory level recorded in the past 12 years.