According to data from the General Department of Customs, in August, Vietnam’s coffee exports reached nearly 85 thousand tons, earning 258.5 million USD, down 25.1% in volume and 2.9% in value. compared to August last year.
In the total of 8 months, Vietnam’s coffee exports reached 1.2 million tons, worth nearly 3 billion USD, down 5.4% in volume but up 3.1% in value compared to the same period last year.
Despite the weakening volume, Vietnam’s export coffee prices increased for the 6th consecutive month, recording a new high in August, reaching a record of 3,054 USD/ton, up 8% over the previous month and increasing nearly 30% over the same period last year. The average export price of our country’s coffee in 8 months reached 2,463 USD/ton, up 8.9% over the same period last year.
Mr. Thai Nhu Hiep – Chairman of the Board of Members, Director of Vinh Hiep Co., Ltd. – said that the coffee market has never fluctuated so strongly. Last year, coffee prices were first set at 52,000 VND/kg but quickly decreased.
“With the current price exceeding 70,000 VND/kg, coffee export businesses cannot imagine it,” Mr. Hiep said.
Coffee supply is decreasing by 10-15% compared to last year due to crop failure.
According to Mr. Hiep, coffee prices are maintaining at a historically high level, which is good news for farmers and coffee export businesses. However, it is worth mentioning that Vietnam’s coffee supply is in a state of scarcity.
In some key provinces in the Central Highlands, the amount of coffee stored by people and some businesses is very small due to crop failure leading to scarce supply, mainly the amount of stored goods for export to contracts that have been agreed upon. signed.
“Since the sudden price increase in July and August, only a small number of producers, establishments, and processing enterprises have benefited from coffee reserves when coffee prices peaked.” , Mr. Hiep said.
Leaders of the Vietnam Coffee and Cocoa Association (VICOFA) also admitted that coffee prices are at the highest level in the past 30 years. However, currently export businesses do not buy and store coffee like before, but instead sign contracts to buy wherever they go. “In the context of high bank loan interest rates, access to purchasing credit is limited. Many businesses do not have enough capital to collect goods,” VICOFA leaders said.
Mr. Pham Quang Anh – Director of Vietnam Commodity News Center – commented that high coffee prices may not last long. Currently, Brazil and Indonesia, the world’s two leading coffee exporting countries, have supplies from the new crop year and are actively promoting exports. At the same time, Vietnam will begin harvesting coffee in the new crop in the fourth quarter of this year, contributing to adding a large amount of coffee to the market.
According to the latest forecast of the Ministry of Agriculture and Rural Development, if the amount of coffee exported in the last months of the year is equal to the same period last year and the export price is equal to the first months of the year, the amount of coffee exported in 2023 will be the same as the same period last year. will reach about 1.7 million tons, worth 4.2 billion USD. This will be a new record turnover level for the coffee industry.
