Vietnam’s coffee export turnover climbs 57% in Q1 on price hikes
Vietnam's coffee exports hit $1.93 billion in the first three months of 2024, a 57.3% increase year-on-year, owing primarily to rising coffee prices.
The country exported about 579,449 tons of coffee in the period, up only 4.9%. But the value increased sharply thanks to high export prices, according to the Vietnam Coffee Cocoa Association (VICOFA).
The European market accounts for 51.3% of the exports, with Germany leading with 69,924 tons, followed by Italy with 63,952 tons, and Spain with 43,287 tons.
Companies like Vinh Hiep, Simexco Daklak, Louis Dreyfus Vietnam, Tuan Loc Commodities, Intimex Group, Intimex My Phuoc, NKG Vietnam, Phuc Sinh, Olam Vietnam, and Mascopex are Vietnam’s leading exporters of raw coffee.
The country exported over 185,281 tons of coffee in March 2024, with total revenue of approximately $680.86 million. Compared to March 2023, volume declined 11.9% while value climbed 41.1%.
Vietnam's coffee exports hit $1.93 billion in Q1/2024, up 57.3% year-on-year. Photo courtesy of the government's news portal.
Nguyen Nam Hai, chairman of the VICOFA, stated that the three-month export results were the greatest in history thanks to high coffee prices.
Coffee prices have hit an all-time high during the 2023-2024 coffee season, particularly in 2024. Currently, each ton of exported coffee costs roughly $4,000, while domestic coffee costs around VND102,000 ($4.09) per kilogram.
According to experts, with the present market prices, the coffee industry's export turnover target of $5 billion in 2024 will undoubtedly be met.
Pham Chanh Truc, former vice head of the Party Central Committee's Economic Commission, told a coffee event in Ho Chi Minh City late last month: "In order to achieve the $5 billion export target, Vietnamese businesses must first follow an organic manufacturing orientation to acquire better quality."
"The coffee sector will thrive on sustainable production in the future. The EU will take into account guidelines for deforestation to support agriculture. Vietnamese businesses must therefore produce processed goods, in addition to exporting raw materials. Additionally, Vietnamese companies need to take advantage of the free trade agreements the country has signed with a large number of nations," Truc added.
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