Coffee harvesting in the growing area of Simexco Daklak Company, Buôn Ma Thuột City, Đắk Lắk Province. — VNA/VNS Photo
A sharp rise in export prices has been the major reason behind a surge in the export revenue of Vietnamese coffee sector so far, according to the Việt Nam Coffee-Cocoa Association (Vicofa).
The association reported that in the 2023-24 crop from October 2023 to September 2024, Việt Nam shipped abroad 1.46 million tonnes of coffee worth US$5.43 billion, down 12.1 per cent in volume but up 33 per cent in value compared to the previous crop.
In the period, Vietnamese coffee prices at the international market reached $3,673 per tonne, nearly 50 per cent higher than those in the previous crop, the highest rise among major agricultural products for export of Việt Nam.
Data from the General Department of Customs, as of October 15, Việt Nam exported 1.13 million tonnes of coffee and earned $4.44 billion, a year-on-year decrease of 11.1 per cent in value but an increase of 39.1 per cent in value.
In the first nine months of this year, the average coffee prices rose 56 per cent year-on-year to $3,896 per tonne.
Experts attributed the price hikes to a decrease in both coffee supply and inventory.
In the 2024-25 crop, Vietnamese coffee prices is predicted to continue to stay high due to high demands in the domestic and international markets.
However, Nguyễn Văn Hoan, Vice Director of the Department of Agriculture and Rural Department of the Central Highlands province of Gia Lai - one of the major coffee production hubs of Việt Nam - advised farmers to maintain stable coffee farming areas to avoid risks of price decrease. — VNS