Illustrative photo (Photo: VNA) Hanoi (VNA) – Vietnam’s coffee exports in the third quarter of this year will slow down because supply is no longer abundant, according to the Agency of Foreign Trade under the Ministry of Industry and Trade.
However, the exports will benefit from prices because the world's consumer tastes tend to shift to Robusta coffee.
In the 11 months of the 2022 - 2023 crop year from October 2022 to August 2023, Vietnam exported more than 1.6 million tonnes of coffee, a decrease of 2% compared to the same period of the previous crop year.
The output in this crop is forecast to be only about 1.5 - 1.6 million tonnes, down 10 - 15% compared to the 2021-2022 crop.
There is not much coffee for export now. The supply is expected to improve from November until the new harvest season 2023-2024.
However, low inventories pushed export coffee prices in August to a new record of 3,054 USD per tonne, up 8% over the previous month and up 30% compared to the same period last year.
On average, in the first eight months of 2023, export coffee prices increased nearly 9% to 2,463 USD per tonne.
According to the Ministry of Agriculture and Rural Development, in the first eight months of 2023, Vietnam exported nearly 1.2 million tonnes, earning nearly 3 billion USD, down 5.7% in volume but up 32.3% in value thanks to increased selling prices.
Vietnam's largest coffee export markets included Germany, Italy, the US, and Japan.
According to the General Department of Customs, the country's coffee exports in August 2023 fell to the lowest level since November 2022, with a volume reaching 84,647 tonnes, worth 258.5 million VND (10,600 USD), down 22.3% in volume and 16% in value compared to the previous month./.
