Coffee growers choose coffee beans for exports in the Central Highlands province of Đắk Lắk. — VNA/VNS Photo

At the beginning of the week, coffee prices continued their downward trend, averaging at VNĐ118,400 (US$4.75) per kilo in the Central Highlands - the largest coffee growing area in the country, according to giacaphe.com.

Coffee prices opened the new week with a fall of VNĐ800 compared to the previous day (August 11).

The highest price was reported in Đắk Nông and Đắk Lắk provinces, at VNĐ118,500 per kilogramme.

In Gia Lai Province, coffee prices decreased by VNĐ800 per kilo to reach VNĐ118,300 per kilo. Similarly, in Lâm Đồng Province, prices dropped to VNĐ117,800 per kilo.

Last week, prices had already experienced a drop, ranging from VNĐ118,600 to VNĐ119,300 ($4.74-$4.77) per kilo.

Vietnamese coffee prices are following the global trend of declining prices. By the end of last week’s trading session, robusta prices on the ICE Futures Europe London exchange plummeted, with September 2024 delivery down by $110, trading at $4,326 per tonne. Arabica coffee prices on the ICE Futures US New York exchange have also experienced a downward trend.

Experts predict continued fluctuations in coffee prices, particularly as the European Union introduced stricter controls on the quality of imported goods, including coffee. Brazil’s weather outlook and harvest pressure also impacted global prices.

Despite being the world’s largest exporter of robusta coffee, Việt Nam spent $110 million to import coffee to meet domestic demand and export processing in the past seven months.

In the first seven months of 2024, Việt Nam exported 964,000 tonnes of coffee, down almost 14 per cent from the previous year. However, export turnover rose by 31 per cent, reaching $3.54 billion, thanks to consistently high coffee prices throughout the year. — VNS