According to the Vietnam Coffee and Cocoa Association (VICOFA), by the end of September, the end of the 2023-2024 coffee season, Vietnam had imported about 139,000 tons of coffee with a turnover of nearly 527 million USD, an increase of about 139,000 tons of coffee. 36% in volume and nearly 76% increase in value compared to the same period last year.
Towards the end of the season, Vietnam imports more and more coffee due to scarce domestic supply. In September alone, businesses imported 14,400 tons of coffee, worth nearly 65 million USD, up 54% in volume and 132% in value compared to the same period last year.
In September, Vietnam imported both green coffee (raw materials) and finished products. However, on average, imported coffee prices are lower than export prices. For example, imported green coffee has an average unit price of 4,194 USD/ton while the average export unit price is 5,022 USD/ton.
Processed coffee (roasted and instant) imported 1,265 tons, average unit price 7,580 USD/ton, while unit price of exported processed coffee was 9,269 USD/ton.
Peruvian coffee participates in a coffee fair in Ho Chi Minh City
Businesses mainly import cheap raw coffee to produce instant coffee, with a small amount of imported processed coffee for consumption.
Vietnam’s coffee supply comes from Laos, Indonesia, Brazil, Colombia, Ethiopia, Peru…
Although Vietnamese businesses have increased coffee imports to a record high, exports are still stronger. In general, the 2023-2024 coffee crop has just ended, the entire coffee industry has a trade surplus of more than 4.9 billion USD.
The World Coffee Organization (ICO) informed that the 2023-2024 coffee season just ended at the end of September, with an estimated global output of 178 million bags (60 kg each, about 10.68 million tons). , an increase of nearly 6% compared to the previous crop year; Coffee consumption increased by 2.2% to 177 million bags.
Thus, the world has a surplus of 1 million bags in the 2023 – 2024 crop year. Regarding the structure of coffee exports in the world, more than 90% is raw green coffee, over 9% is instant coffee, less than 1% is is roasted and ground coffee.
Coffee prices continue to fall sharply
In the early morning of October 23 (Vietnam time), at the end of the commodity trading session on the London floor (UK), the price of Robusta coffee on this floor matched orders in all 4 delivery terms decreased. The sharpest decrease is the delivery term in November, at 90 USD/ton, to 4,487 USD/ton (about 112.5 million VND/ton); The delivery terms of January, March and May 2025 are down to 4,425 USD/ton, 4,335 USD/ton and 4,263 USD/ton, respectively.
Similarly, on the New York floor (USA), Arabica coffee prices also decreased slightly at less than 1%. At the latest delivery term in December, Arabica coffee prices decreased by 40 USD/ton, to 5,510 USD/ton (138 million VND/ton).
Coffee prices today, October 23, in the domestic market at the beginning of the day were around 110,000 VND/kg, down slightly compared to before because the harvest started to increase and supply was no longer scarce.
