Viet Nam was Spain's largest supplier of coffee (by volume) in 2022, with 113,550 tonnes worth 269 million euros (US$287 million), up 21.6 per cent in volume and 78.9 per cent in value against 2021.

The Ministry of Industry and Trade (MoIT)'s Import-Export Department cited statistics from the Statistical Office of the European Communities (EUROSTAT) as saying that the market share of Vietnamese coffee in Spain's total imports from the global market accounted for 30.16 per cent in 2022.

Statistics compiled by the department indicate that Viet Nam exported 342,300 tonnes of coffee in the first two months of the year, earning $745.28 million, down 7 per cent in volume and 9.5 per cent in value year-on-year.

In February alone, the country shipped abroad over 200,000 tonnes of coffee worth $434.9 million to foreign markets, up 40.3 per cent in volume and 40.1 per cent in value compared to the previous month.

Notably, in the January-February period, Viet Nam's coffee exports to most traditional markets increased. The country recorded 2- to 3-digit growth rates in markets such as Algeria, the Netherlands, Mexico, Russia, and Italy.

According to the department, Spain is the eighth largest trading partner of Viet Nam in the EU and the eighth biggest importer of Vietnamese goods.

Last year, two-way trade between Viet Nam and Spain hit $3.54 billion, 13 per cent higher than that recorded in 2021. This was the highest growth rate ever.

The two countries have witnessed the sound development of bilateral relations and there is a bright prospect for the two sides to further expand their relationship, especially in economic, trade, and investment cooperation.

Spain's coffee sector is forecast to grow by 6.84 per cent in the 2022-25 period, therefore there is ample room for Vietnamese coffee exporters to exploit the European market.

Vietnamese localities and business associations have been advised to coordinate with the Viet Nam Trade Office in Spain in organising seminars to introduce potential business and cooperation opportunities for businesses, exporters and importers of the two countries.

Export businesses need to improve and maintain the quality and brand value of their products in the Spanish market, the office said. — VNS