Coffee export prices enjoy surge in major markets

Friday, July 30, 2021  16:49

VOV.VN - Vietnamese coffee exports to a number of significant markets witnessed robust growth during the first half of the year despite facing the adverse impacts of the COVID-19 pandemic, according to statistics released by the General Department of Vietnam Customs. 

The average export price of Vietnamese coffee enjoyed an annual surge of 8.6% to reach US$1,835 per tonne.

The nation exported 843,320 tonnes of coffee worth US$1.55 billion throughout the reviewed period, a drop of 10.3% in volume and down 2.6% in value against the same period from last year.

Germany, the United States, and Italy all remained the three largest consumers of Vietnamese coffee during the five-month period, with market shares accounting for 13.8%, 7.8%, and 7.3% respectively. In addition to this, the country’s coffee export value also witnessed a sharp rise in the Indonesian market.

According to statistics compiled by the International Trade Center, Canada increased its coffee imports from several markets, including Columbia and Vietnam, while simultaneously decreasing imports from Brazil, the US, Guatemala, and Honduras.

The Vietnamese market currently represents the seventh-largest coffee supplier to Canada with 3,410 tonnes worth over US$7 million, marking a year-on-year rise of 1.9% in volume and 9.6% in value.

According to information compiled by the Ministry of Industry and Trade, the nation exported 17,000 tonnes of coffee worth US$31.4 million over five months to the Republic of Korea (RoK), marking a rise of 2.8% in volume and 5.3% in value compared to the same period last year.

Furthermore, the average coffee export price in the RoK throughout the reviewed period increased by 2.4% to US$1.845 per tonne, with the nation representing the second-largest coffee supplier to the RoK.

Moving forward, coffee prices are forecast to continue to rise over the short term following the lift of restricted measures and the deployment of COVID-19 vaccinations in several countries globally.

However, the coffee sector is also anticipated to face numerous difficulties in the near future due to high freight rates for Asian routes to Europe and North America, industry experts said.

VOV