Vietnamese coffee export prices to the United Kingdom surge
Vietnamese coffee export prices to the United Kingdom surge
Việt Nam is the second-largest supplier of coffee to the United Kingdom. The average export price of Vietnamese coffee to the UK in the first half of 2024 reached US$3,941 per tonne, an increase of 68.4 per cent compared to the same period last year.
A farmer harvesting coffee in Kon Tum Province. Vietnamese coffee export prices to the United Kingdom surged in the first half of 2024. — VNA/VNS Photo |
According to data from the General Department of Customs, Việt Nam’s coffee exports to the United Kingdom in June 2024 totalled 2.18 thousand tonnes, valued at US$9.1 million, down 44.6 per cent in volume and 17.5 per cent in value compared to June 2023. The significant drop in coffee volume has led to a sharp increase in prices.
The United Kingdom imports coffee from 94 countries and territories worldwide. The primary coffee suppliers to the UK market include Brazil, Việt Nam, Germany, Italy, and Colombia.
According to statistics from the International Trade Centre (ITC), in the first five months of 2024, the United Kingdom imported 94.21 thousand tonnes of coffee from the world, worth US$553 million, an increase of 8.1 per cent in volume and 2.6 per cent in value compared to the same period last year.
The average import price of coffee into the UK from the world reached US$5,870 per tonne, down 5.2 per cent compared to the same period last year. Notably, the average import price of coffee from Brazil, Germany, and Colombia decreased; however, the average import price from Việt Nam surged by 45.4 per cent to US$3,378 per tonne.
Brazil is the largest coffee supplier to the United Kingdom in the first five months of 2024, with a volume of approximately 37.47 thousand tonnes, valued at US$128.81 million, an increase of 93.8 per cent in volume and 45.1 per cent in value.
Việt Nam followed as the second-largest coffee supplier to the UK in the first five months of 2024, with a volume of 15.33 thousand tonnes, valued at US$51.79 million, a decrease of 22.8 per cent in volume but an increase of 12.2 per cent in value compared to the same period last year.
Việt Nam’s share of total UK coffee imports from the world decreased from 22.8 per cent in the first five months of 2023 to 16.27 per cent in the first five months of 2024. During the first five months of 2024, the UK increased its coffee imports from Germany and Italy but reduced imports from Colombia.
