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Sunday, July 21, 2024

Export prices of Vietnam coffee shoot up

By Cong Phuong

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HCMC – The export price of Vietnamese coffee, mainly Robusta beans, in the first five months of 2024 soared by nearly 50% compared to the same period last year to US$3,482 per ton.

Data from the Vietnam Coffee – Cocoa Association (VICOFA) showed that Vietnam exported nearly 71,570 tons of Robusta coffee at US$3,920 per ton and around 6,830 tons of Arabica coffee at US$3,888 per ton. This is the first time in 50 years that the export price of Arabica beans was US$32 per ton lower than that of Robusta beans.

In the 2021-2022 coffee season, the average export price of Robusta coffee was US$1,980 per ton, significantly lower than the US$4,333 per ton for Arabica.

During the 2022-2023 season, the export price difference between the two types of coffee gradually narrowed, and by May 2024, the export price of Robusta had surpassed that of Arabica.

According to VICOFA, this shift in the export price dynamic between Robusta and Arabica can be attributed to a change in demand for Robusta beans. Coffee processors and roasters have increasingly turned to Robusta due to its higher profitability. As a result, the demand for Robusta has surged, causing its export price to surpass that of Arabica.

This trend led to the export price of Vietnamese coffee beans reaching around US$3,482 per ton in the first five months of this year, up by nearly 50% against the same period in 2023. Consequently, coffee exports brought US$2.9 billion to Vietnam during this period.

Recently, coffee prices in the Central Highlands provinces have fluctuated, often hovering around VND120,000 per kilogram, with some instances even exceeding VND126,000 per kilogram.

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