Việt Nam’s coffee exports exceeded the US$5 billion mark for the first time in the 2023-2024 crop year that lasted from October 1, 2023 to September 30, 2024.
Coffee prices continued to rise sharply on Wednesday, ranging from VNĐ122,000 - VNĐ123,500 (US$4.8-$4.86) per kilogramme in the Central Highlands – the largest coffee growing area in the country.
Việt Nam’s coffee output in the 2023–2024 crop year is estimated to decrease by 20 per cent compared to the previous crop year, to 1.47 million tonnes, the lowest in four years.
While Belgium reduced its coffee imports from Honduras and Colombia in 2023, the rate of decrease was lower compared to the reductions from Peru, Brazil and Việt Nam.
A surge in domestic coffee prices was attributed to the fact that traders actively purchased coffee before the Lunar New Year (Tết) holiday while exporters were afraid of supply shortages like last year so they tended to buy more.
Việt Nam''s coffee export turnover reached US$4.08 billion in the 2022-23 crop year, a year-on-year increase of 3.4 per cent, driven by the highest coffee export prices in the last 30 years.
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To align Viet Nam''s coffee, fruit and vegetable industries with international standards on responsible business practices and sustainable growth, the sectors have agreed to abide by a unifying Code of Conduct (CoC) on how they operate.