Business

Coffee value to increase despite output dropping

Vietnam exported 974,712 tonnes of coffee from January 1 to August 15 this year, a reduction of 16.4 percent from the same period last year, earning 2.22 billion USD in value, up 7.9 percent, according to Vietnam’s Customs.
Coffee value to increase despite output dropping ảnh 1A coffee farm in Vietnam - Illustrative photo (Photo: VNA)

Hanoi (VNA) – Vietnam exported 974,712 tonnes of coffee fromJanuary 1 to August 15 this year, a reduction of 16.4 percent from the sameperiod last year, earning 2.22 billion USD in value, up 7.9 percent, accordingto Vietnam’s Customs.

Average export value hit 2,262 USD per tonne, a yearly increase of 30.4percent. Germany and the United States remained Vietnam’s biggest coffeeimporters, with 16 percent and 14.3 percent of the market share, respectively.

Meanwhile, the Vietnam Coffee and CocoaAssociation (Vicofa) said since the beginning of the 2016-2017 crop (fromOctober last year to November this year), Vietnam has shipped some 1.3 milliontonnes of coffee abroad while 50,000 tonnes remained in stock.

Vietnam’s coffee exports were estimated to drop20-30 percent in the 2016-2017 crop due to a supply shortage, said Vicofa,adding that the coffee price may go up as the new crop will start from Novemberand the goods is still in demand.

Do Ha Nam, Vice President of Vicofa andDirector-General of Intimex Group, said coffee was sold at 44,300-45,100 VND akilo in central highlands provinces, up 1,000 VND per kilo.

He noted that the price of Robusta coffee atthe London stock exchange sharply increased to 2,116 USD per tonne in Septemberand 2,101 USD per tonne in November, up 54 USD and 47 USD respectively, addingthe price is expected to reach 2,066 USD per tonne in January 2018, up 33 USD.

Nam also said Brazil needs to import Robustacoffee due to severe losses, while this kind of coffee is in high demandglobally, particularly in Asia and emerging markets.  

Vietnamese coffee producers started to invest in packaged instant coffeebecause of its higher value than raw coffee. The country’s instant coffeeexport expanded to 15 percent of total coffee exports and is hoped to reach 30percent per year.

However, a recent proposal by the Ministry of Finance to impose packaged instant coffee on some beverages, including processed coffee, might hinderthe country from meeting the 30 percent target.-VNA

VNA
#Vietnam #coffee exports #increasing coffee price #dropping output #Vietnam Coffee and Cocoa Association #Vicofa #Robusta coffee #packaged instant coffee #Vietnam news #VietnamPlus #Vietnam News Agency
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