Việt Nam’s coffee exports exceed US$5 billion in 2023-2024 crop year
Việt Nam’s coffee exports exceed US$5 billion in 2023-2024 crop year
Việt Nam’s coffee exports exceeded the US$5 billion mark for the first time in the 2023-24 crop year that lasted from October 1, 2023 to September 30, 2024.
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Chairman of the Việt Nam Coffee and Cocoa Association (VICOFA) Nguyễn Nam Hải said that during the 2023-24 crop year, Việt Nam exported about 1.46 million tonnes of coffee, a 12.1 per cent decrease compared to the previous crop year.
Despite the reduced volume, the export value soared by 33.1 per cent, reaching $5.43 billion, marking the highest level ever in a coffee season.
This was also the first time that Việt Nam’s coffee exports in a single season surpassed the $5 billion mark, Hải said, attributing the value increase to the hiked prices.
According to the General Department of Customs, in September alone, the average export price of Vietnamese coffee reached $5,469 per tonne, the highest ever so far, up 5.8 per cent from the previous month and 68.7 per cent compared to September 2023.
For the entire 2023-24 crop year, the average export price was $3,673 per tonne, nearly 50 per cent higher than in the previous year. With such price, coffee is the export product with the strongest price rise among Việt Nam’s major agricultural exports.
The European Union (EU) remained Việt Nam’s largest coffee export market during the 2023-24 crop year as it imported 563,000 tonnes worth $2 billion, down 8.6 per cent in volume but up 41 per cent in value.
Germany, Italy and Spain were Việt Nam's top three individual coffee export markets in the past season, with export values of $607 million, $417 million and $413 million respectively, reflecting growth rates of 37 per cent, 30 per cent and 75 per cent compared to the 2022-23 crop year.
Other major markets also saw strong growth in export value despite declining volumes, such as Japan (up 38 per cent) and Russia (up 20 per cent).
