The sharp increase in export revenue of Vietnam’s coffee industry was mainly driven by the rapid increase in export prices, the Vietnam Coffee and Cocoa Association (Vicofa) pointed out.
Hanoi – Vietnam’s coffee industry has seen a significant increase in export revenue, mainly due to a sharp increase in export prices. According to the Vietnam Coffee and Cocoa Association (Vicofa), Vietnam will export 1.46 million tons of coffee worth US$5.43 billion in the 2023-2024 coffee harvest season (from October 2023 to September 2024). Although the export volume fell by 12.1% year-on-year, the export value increased by 33%.
During this period, the international market price of Vietnamese coffee reached US$3,673 per ton, an increase of nearly 50% over the previous season, making it one of the products with the largest price increase among Vietnam’s major export agricultural products.
According to data from the General Administration of Customs, as of October 15, Vietnam exported a total of 1.13 million tons of coffee, generating revenue of US$4.44 billion. Although the export volume decreased by 11.1% year-on-year, export revenue increased by 39.1% year-on-year.
In the first nine months of this year, the average export price of Vietnamese coffee rose 56% from the same period last year to $3,896 per tonne.
Experts attribute the price increase to a decline in both global coffee supplies and stocks.
In the 2024-2025 harvest season, Vietnamese coffee prices are expected to remain high, mainly supported by strong demand in domestic and foreign markets.
However, Nguyen Van Hoan, deputy director of the Department of Agriculture and Rural Development in the central highlands province of Gia Lai, one of Vietnam’s main coffee producers, suggested that farmers should keep their coffee planting area stable to prevent risks from price fluctuations.
