Hanoi (VNS/VNA) - At the beginning of the week, coffee prices continued their downward trend, averaging at 118,400 VND (4.75 USD) per kilo in the Central Highlands - the largest coffee growing area in the country, according to giacaphe.com.
Coffee prices opened the new week with a fall of 800 VND compared to the previous day (August 11).
The highest price was reported in Dak Nong and Dak Lak provinces, at 118,500 VND per kilogramme.
In Gia Lai province, coffee prices decreased by 800 VND per kilo to reach 118,300 VND per kilo. Similarly, in Lam Dong province, prices dropped to 117,800 VND per kilo.
Last week, prices had already experienced a drop, ranging from 118,600 VND to 119,300 VND (4.74-4.77 USD) per kilo.
Vietnamese coffee prices are following the global trend of declining prices. By the end of last week’s trading session, robusta prices on the ICE Futures Europe London exchange plummeted, with September 2024 delivery down by 110 USD, trading at 4,326 USD per tonne. Arabica coffee prices on the ICE Futures US New York exchange have also experienced a downward trend.
Experts predict continued fluctuations in coffee prices, particularly as the European Union introduced stricter controls on the quality of imported goods, including coffee. Brazil’s weather outlook and harvest pressure also impacted global prices.
Despite being the world’s largest exporter of robusta coffee, Vietnam spent 110 million USD to import coffee to meet domestic demand and export processing in the past seven months.
In the first seven months of 2024, Vietnam exported 964,000 tonnes of coffee, down almost 14% from the previous year. However, export turnover rose by 31%, reaching 3.54 billion USD, thanks to consistently high coffee prices throughout the year./.
