More than 70 countries and territories around the world placed orders, a Vietnamese nut earned more than 3 billion USD in less than half a year - an unprecedented record in history.

Preliminary statistics from the General Department of Customs, as of June 15, our country has exported more than 862,400 tons of coffee of all kinds, earning about 3.04 billion USD. Compared to the same period last year, the amount of coffee exported decreased by 7.8% but the value increased sharply by 38.8%.

Although the volume of coffee exports decreased, this industry still set a historical record when the turnover exceeded 3 billion USD in less than half a year. This number is equivalent to the coffee export turnover of the whole year 2021.

Currently, the price of Robusta coffee on the London exchange for delivery in July 2024 increased sharply to 4,205 USD/ton; September 2024 delivery term increased to 4,060 USD/ton.

On the New York floor, the price of Arabica coffee delivered in September 2024 dropped to 226.25 cents/lb; November 2024 delivery term decreased to 224.85 cents/lb.

In the domestic market, green coffee prices are still on the rise. On June 20, green coffee was traded around 120,000-121,200 VND/kg.

Currently in major coffee growing regions of our country, drought and pests are seriously affecting the productivity of this crop. Coffee output in the 2023-2024 crop year is estimated to decrease by 20% compared to the previous crop year, down to 1.47 million tons. This is the lowest level in 4 years, putting pressure on the supply of Robusta coffee on the world market.

According to experts, Vietnam has the world's leading Robusta coffee output, so the sharp decrease in supply has contributed to the recent increase in prices of this bean.

Notably, in the first 8 months of the 2023-2024 crop year (October 2023 to May 2024), our country exported nearly 1.2 million tons of coffee, equivalent to 80% of the current crop's output. and decreased by 7% compared to the same period of the previous crop year. According to estimated output, the domestic coffee supply (excluding inventory) only has about 300,000 tons left for export before entering the new crop year.

According to the Vietnam Coffee and Cocoa Association (VICOFA), the domestic coffee supply is almost exhausted, and inventories of businesses and farmers are not much. Therefore, export volume from now until the end of September 2024 will gradually decrease even though coffee prices are anchored at a record high.

In the Central Highlands, Vinh Hiep Co., Ltd. and Simexco Daklak Company both said that the amount of goods in stock is only enough to sell until about this June, and cannot last until the new harvest.

In fact, over the past two decades, low coffee prices have caused many farmers to abandon this crop. Combined with the historic drought caused by the El Nino phenomenon, this year's output has decreased, pushing coffee prices to continuously break historical peaks.

Mr. Le Duc Huy - General Director of Simexco Daklak Company - warned that if we do not ensure enough irrigation water, it will be difficult to ensure coffee output of this new crop.

According to coffee industry experts, in the coming time, the price of this bean will likely not fluctuate as strongly as in the first months of this year but will still maintain a high level. The reason is because Brazil is in full harvest season, while in our country it's harvest time in October.

The Ministry of Agriculture and Rural Development calculates that with our country's coffee output, this year, the export turnover of this industry will reach over 5 billion USD - the highest level in history.

Source: Vietstock