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Wednesday, July 17, 2024

Vietnam expects 2022 coffee export at US$4 billion

The Saigon Times

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HCMC – Vietnam’s coffee exports may rise to a record high of US$4 billion this year amid a global undersupply and the upcoming harvest season.

Coffee exports in the year to September had soared 37.6% over the same period last year, at US$3.1 billion, the Ministry of Agriculture and Rural Development reported. The strong rise was attributed to a price surge of 22%, at US$2,280 per ton on average.

Coffee shipments to major markets picked up on growing demand, dwindling supply caused by poor harvests, and logistics disruptions in some major exporting countries.

The European Union remained the biggest buyer of Vietnamese coffee, accounting for 39% of the total, with some 490,700 tons valued at US$1.1 billion, surging 27% and 54% year-on-year, respectively.

Coffee exports to Russia grew 17.3%, the UK 57.9% and India 116%. Meanwhile, coffee shipped to Mexico shot up 52-fold against 2021.

The UK emerged as the fifth largest European importer of Vietnamese coffee after Germany, Italy, France and Spain, at some 30% in the first half of 2022, nearly doubling the figure recorded last year. 

Between January and August, Vietnam shipped nearly 34,700 tons of coffee valued at about US$70.7 million, up 57.9% in volume and 84.2% in value compared to the same period of 2021.

Demand for coffee in the U.S. remained high amid concerns over inflation. Data from the United States International Trade Commission showed the country imported nearly 834,000 tons of coffee worth US$4.68 billion in the first half of 2022, up 5.4% in volume and 51.3% in value year-on-year.

The price of coffee exported to the U.S. soared by 43.5% over 2021, averaging out at US$5,615 per ton.

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