It is unknown how long the current coffee price fever will last as supply is seriously lacking compared to demand. If last year, it took until June and July for the phenomenon of “out of stock” coffee to occur, this year it will happen earlier.
According to statistics, coffee exports are showing signs of decreasing from March 2024. Specifically, this month, businesses exported about 185,281 tons of coffee, export turnover was about 680.86 million USD – down 11.9% in volume but up 41.1% in value over the same period. last year.
Accumulated in the first 3 months of 2024, Vietnam exported about 579,449 tons of coffee, export turnover of about 1.93 billion USD – up 4.9% in volume and up 57.3% in value over the same period last year. last.
Among them, Robusta coffee has the most with 515,164 tons, turnover of over 1.57 billion USD; Arabica green coffee exported only 16,474 tons, with a turnover of over 69.27 million USD.
In the first 3 months of 2024, the top 10 enterprises in terms of raw coffee export volume are: Vinh Hiep, Simexco Daklak, Louis Dreyfus Company Vietnam, Tuan Loc Commodities, Intimex Group, Intimex My Phuoc, NKG Vietnam, Phuc Sinh, Olam Vietnam and Mascopex.
Coffee prices are skyrocketing because supply is not enough to meet demand
Mr. Thai Nhu Hiep, Director of Vinh Hiep Co., Ltd. – one of the leading exporters of raw green coffee, admitted that the company’s inventory is only enough to sell until about May, while it will take until October. -2024 is the new coffee harvest.
“This year, we plan to “stop” exporting early because we run out of goods. This is unprecedented because in previous years, the company’s goods were enough to sell until the end of the season in August and September” – Mr. Hiep speak.
Mr. Hiep said that this is proof that the coffee crop in 2023-2024 is really bad, although many people still do not believe this because they think that coffee is still stored somewhere. According to Mr. Hiep, Vietnam’s coffee output in the 2023-2024 crop will decrease by 17%-20% due to reduced productivity and many coffee growing areas have been converted to other crops.
Simexco Daklak Company’s leaders also said that the company’s goods are only enough to sell until June 2024.
Experts predict that coffee prices will continue to stay high as supply cannot improve in the next few years.
