HCMC – Vietnam exported around 1.46 million tons of coffee worth a total of US$5.43 billion during the 2023-2024 crop year, which ran from October 1, 2023 to September 30, 2024, according to the Vietnam Coffee and Cocoa Association (VICOFA).
This marks the first time Vietnam’s coffee export value has surpassed the US$5-billion mark. Although export volume decreased by 12.1%, revenue surged by more than 33%, setting a new record driven by rising coffee prices.
During the 2023-2024 crop year, coffee prices soared nearly 50% compared to the previous season, reaching an all-time high of US$3,673 per ton. Coffee became the agricultural product with the steepest price increase among Vietnam’s key export commodities.
The European Union remained Vietnam’s largest coffee export market, accounting for 38% of the volume and 37% of the total export value. Germany, Italy, and Spain were the top three destinations for Vietnamese coffee, while exports to Japan and Russia also saw significant growth.
The decrease in coffee supply during the 2023-2024 crop year not only drove up prices but also led to depleted stocks at the start of the new season.
As a result, coffee prices in the early days of the 2024-2025 crop year have stayed at record highs, with the average price in the Central Highlands exceeding VND110,000 per kilogram, nearly double over the same period last year.
