Viet Nam’s coffee exports to S Korea forecast to increase
Viet Nam’s coffee exports to S Korea forecast to increase
Viet Nam's coffee exports to South Korea are expected to increase as the northern Asian market is forecast to have higher demand for imported coffee.
The Ministry of Industry and Trade’s Import and Export Department said that South Korea's coffee imports rose in 2020 and the first months of 2021 due to the strong increase in demand for coffee as people stay at home during the COVID-19 pandemic.
According to the Import and Export Department, South Korea's coffee imports from Viet Nam in the first half of this year reached about 19,500 tonnes, worth US$30.82 million, up 12.8 per cent in volume and 5.2 per cent in value year on year.
Viet Nam's coffee accounted for 20.56 per cent of South Korea's total coffee imports in the first half of this year, a slight increase from the figure of 20.35 per cent in the first half of 2020.
The department said coffee is more popular in offices, restaurants and families in South Korea. Coffee consumption in this market has accounted for about 6 per cent of the total Asia-Pacific coffee market and it is one of the world's leading coffee consumption markets.
South Korea's total coffee imports in the first six months of 2021 reached 94,840 tonnes, worth $432.45 million, an increase of 11.7 per cent in volume and 30.3 per cent in value year on year.
According to the Ministry of Industry and Trade, Viet Nam's total coffee exports in the first eight months of this year were 1.07 million tonnes, earning $1.99 billion, down 6.9 per cent in volume, but up 1.1 per cent in value compared to the same period last year.
Of which, the coffee exports in August reached 105,000 tonnes, earning $207 million. The exports were down 14.1 per cent in volume and 11.9 per cent in value month on month. However, they increased by 4.8 per cent in volume and 12.3 per cent in value year on year.
The average export price of Viet Nam's coffee in the first eight months stood at $1,071 per tonne, up 8.6 per cent over the same period last year.
The General Department of Customs reported that Viet Nam’s Robusta coffee exports in the first seven months of 2021 decreased by 6.5 per cent in volume, but increased by 1 per cent in value year on year.
Viet Nam saw strong a reduction in exports of this key coffee product to many key markets compared to the same period last year, including Germany, Italy, Japan, the US, Spain and Belgium.
Meanwhile, the exports increased to some markets, such as Russia, China, Egypt and Indonesia, reported the Cong thuong (Industry and Trade) magazine.
Viet Nam's coffee exports are expected to suffer impacts from the pandemic.
