Coffee export faces pressure from global uncertainties after record year
Hanoi (VNS/VNA) — The coffee industry faces pressure
from global uncertainties and rising inflation in major markets after achieving
a record export value in the 2021-22 crop year.
Statistics
from the General Department of Customs show that Vietnam exported 1.42 million
tonnes of coffee in the first ten months of this year, a rise of 10.8% over the
same period last year.
Export
revenue increased strongly by 33.7% to reach 3.22 billion USD. Coffee export
prices averaged 2,283 USD per tonne, up by 21.2%.
Vietnam
had a good coffee crop with strong prices in 2021-22, according to the Ministry
of Agriculture and Rural Development.
Statistics
from the Vietnam Coffee Cocoa Association (VICOFA) show that a total of 1.68
million tonnes of coffee were exported in the 2021-22 crop, worth more than 3.9
billion USD, a record revenue so far.
Germany
was the largest coffee export market of Vietnam with 216,000 tonnes, followed
by Italy with 139,000 tonnes, the US with 126,000 tonnes, Belgium with 120,000
tonnes and Japan with 111,300 tonnes.
Instant
and ground coffee exports totalled 92,000 tonnes, worth 598.2 million USD in
the 2021-22 crop.
VICOFA
President Nguyen Nam Hai said that Vietnam is gradually increasing the export
of processed coffee and reducing dependence on raw coffee exports, opening
positive prospects for the coffee industry.
Under
pressure
VICOFA
said that the 2022-23 crop is entering the harvest season in the context of
global uncertainties, rising inflation risk and unstable logistics, which are
creating pressure on the coffee industry.
Global
coffee prices are dropping from early November as better weather helps
replenish dwindling supplies.
According
to a story published by multimedia financial services company Motley Fool,
Brazil expects its coffee production to grow by at least 8% next year.
Vietnam,
the world’s second-largest coffee exporter, also expects a healthy crop.
ICO
forecast Brazil and Vietnam would supply 100 million bags or meet 60% of the
global coffee consumption demand in the 2022-23 crop./.