According to congthuong.vn
According to Eurostat data, in the first 9 months of 2023, the European Union (EU) reduced coffee imports from the world, a decrease of 6.8% in volume and a decrease of 7.5% in value compared to the same period last year. 2022, reaching 3.11 million tons, worth 14.51 billion EUR (equivalent to over 16 billion USD).
However, the EU increased coffee imports from Vietnam, an increase of 10.8% in volume and an increase of 11% in value, reaching 558.6 thousand tons, worth 1.28 billion EUR (equivalent to 1.41 billion VND). USD). Vietnam’s coffee market share accounts for 8.81% of the EU’s total import turnover from the world.
The coffee consumption tastes of EU people have changed and the bilateral free trade agreement EVFTA helps the Vietnamese coffee industry increase value and continue to expand market share in the EU in the coming time.
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Vietnam’s coffee industry will continue to benefit because Robusta coffee prices will remain high, possibly even peaking due to concerns about supply shortages. |
According to forecasts of the US Department of Agriculture (USDA), the European Union’s (EU) green coffee imports will recover and increase by more than 2.5 million bags compared to the previous crop year to a record of 47 million bags (60 million bags). kg/bag) in the 2023/2024 crop year (October 2023 – September 2024). While roasted and instant coffee imports are expected to remain unchanged, reaching 1.4 million bags and 3.7 million bags, respectively.
Besides the EU, another market, Japan, also increased imports of Vietnamese coffee. According to the International Trade Center, in the first 9 months of 2023, Japan reduced coffee imports from the world, a decrease of 14.1% compared to the same period in 2022, reaching 1.18 billion USD. However, Japan increased coffee imports from Vietnam, an increase of 5.9%, reaching 204 million USD, a market share of 17.22% in the first 9 months of 2023.
It is forecasted that in 2024, Vietnam’s coffee industry will continue to benefit because Robusta coffee prices will remain high, possibly even peaking due to concerns about supply shortages.
According to the Vietnam Commodity Exchange (MXV), closing the January 24 trading session, Arabica prices decreased 1.81% while Robusta prices recovered 0.79% to the highest price in 16 years. Fears of a shortage of Robusta supply from Vietnam due to the conflict in the Red Sea have kept the price of this commodity anchored at the peak.
Standard Arabica inventories have shown positive signs again, somewhat easing concerns about supply. Information that the ICE-US Department will increase prices for countries producing high-quality wet-processed Arabica coffee to attract more sources of consignments in the context of low inventories is spreading. As of the end of January 23, the entire Department had 49,942 bags of Arabica waiting for certification to classify goods as meeting standards. This is also a signal that inventory data will recover in the coming period.
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Robusta coffee prices returned to a 16-year high |
The El Nino weather phenomenon on the Pacific rim has caused supply concerns from countries in the world’s largest Robusta producing region. In Southeast Asia, supply is also delayed due to shipping congestion, with farmers storing goods that cannot be sold.
Exportu coffee Vietnam has set a new record with a turnover of 4.24 billion USD in 2023. In the first month of 2024, Robusta coffee prices continue to record many new peaks.
In 2022, Vietnam exported a certain amount ca pheh record large while the harvested output decreased by 10-15% compared to the previous crop, so the amount of coffee available for export in 2023 is low. Demand for Robusta increased sharply in the context of consumers tightening spending because of rising interest rates and a gloomy economy, which pushed prices up even more.
According to the Vietnam Coffee and Cocoa Association, in the 2023/2024 crop year, Vietnam’s coffee output is expected to decrease to 1.6 – 1.7 million tons, lower than 1.78 million tons in the 2022 crop year. /2023.
Faced with increasingly strict requirements from import markets, especially the EU, in 2024, Vietnam’s coffee industry will focus on many solutions for sustainable development, traceability, especially meeting EU’s EUDR anti-deforestation regulations.
Vietnam’s coffee export turnover in 2024 is forecast to reach 4.6-5 billion USD. Currently, Vietnamese coffee is present in more than 70 countries and territories. Vietnam is the second largest coffee exporter in the world.
Compared to other coffee producing countries in the world, Vietnam’s coffee area only ranks 6th after countries: Brazil with a total area of nearly 1.9 million hectares, Indonesia with a total area of over 1.2 million hectares, and Colombia with a total area of nearly 1.9 million hectares. and Ethiopia more than 800,000 hectares, Ivory Coast nearly 800,000 hectares.
