According to the General Department of Vietnam Customs the six-month rise in coffee export value also sets a new record compared to previous years’ figures.
In early June, the price of Robusta coffee in the domestic market surged compared to the end of May.
The Ministry of Agriculture and Rural Development said currently, there is insignificant amount of coffee inventory remaining in the domestic market.
Coffee output is forecast to decline by approximately 20% in the upcoming crop year, due to prolonged hot weather causing severe drought in the Central Highlands – the capital of Vietnamese coffee.
The Vietnam Coffee Cocoa Association notes a sharp rise in coffee prices, anticipating a potential decrease in exports but projecting overall turnover growth.
The association expects coffee exports to generate about 4.5-5 billion USD this year./.
