Vietnamese Coffee Exports in 2024: Aiming for a Record $5 Billion
Vietnamese coffee exports are on a strong growth trajectory with many positive signs. It is forecasted that in 2024, the export value of coffee could reach a record $5 billion, contributing positively to the overall economic growth of the country.
Positive Signals for Coffee Exports in 2024
According to the Ministry of Agriculture and Rural Development, in the first seven months of 2024, Vietnam exported 964,000 tons of coffee, achieving an export value of $3.54 billion. Notably, despite a decrease in export volume, the export value increased by 30.9% compared to the same period last year. This clearly demonstrates that the price of Vietnamese coffee on the global market is rising, especially in key markets such as Spain, Russia, the United States, Indonesia, the Philippines, the Netherlands, and China.
Rising Coffee Prices: Opportunities for Farmers and Businesses
Export coffee prices have nearly doubled compared to the same period last year, driven by increased import demand from countries around the world, while supply is decreasing. The Vietnam Coffee and Cocoa Association (VICOFA) reported that Vietnam currently has only about 148,000 tons of coffee left to export in the remaining two months of the 2023-2024 crop year. This situation is likely to drive coffee prices even higher in the near future, bringing high profits to farmers and coffee export businesses.
Vietnamese Coffee Market: Promising Prospects
In addition to the price factor, Vietnam’s coffee export market is also witnessing favorable conditions. In the UK market, the volume of Vietnamese coffee exports to this country is growing strongly. At the same time, the Ministry of Industry and Trade predicts that Vietnam’s coffee exports to key markets such as Spain, Russia, the United States, Indonesia, the Philippines, the Netherlands, and China will continue to maintain positive growth trends.
Conclusion
With positive signals from prices, production, and market conditions, Vietnam’s coffee industry is aiming to achieve an export value of $5 billion in 2024. This is not only a record figure but also evidence of the sustainable development and competitiveness of Vietnamese coffee on the international market. Farmers and businesses need to continue improving product quality and meeting international standards to maintain the position of Vietnamese coffee on the global export map.
