Illustrative photo (Photo: VNA) Hanoi (VNA) – Vietnam’s coffee exports inthe third quarter of this year will slow down because supply is no longerabundant, according to the Agency of Foreign Trade under the Ministry ofIndustry and Trade.
However, the exports will benefit from prices because theworld's consumer tastes tend to shift to Robusta coffee.
In the 11 months of the 2022 - 2023 crop year fromOctober 2022 to August 2023, Vietnam exported more than 1.6 million tonnes ofcoffee, a decrease of 2% compared to the same period of the previous crop year.
The output in this crop is forecast to be only about1.5 - 1.6 million tonnes, down 10 - 15% compared to the 2021-2022 crop.
There is not much coffee for export now. The supply isexpected to improve from November until the new harvest season 2023-2024.
However, low inventories pushed export coffee prices inAugust to a new record of 3,054 USD per tonne, up 8% over the previous monthand up 30% compared to the same period last year.
On average, in the first eight months of 2023, exportcoffee prices increased nearly 9% to 2,463 USD per tonne.
According to the Ministry of Agriculture and RuralDevelopment, in the first eight months of 2023, Vietnam exported nearly 1.2million tonnes, earning nearly 3 billion USD, down 5.7% in volume but up 32.3% invalue 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% involume and 16% in value compared to the previous month./.
