Vietnam’s coffee exports doubled in January 2024
20 February 2024, VN: Domestic coffee prices surged significantly, reaching new peaks as traders actively purchased to prepare for the Lunar New Year holiday. Exporters, fearing a repeat of last year’s shortages, increased their purchases.
The forecast for the 2023-2024 coffee crop in Dak Lak is estimated to reach 580,000 tons, with the province’s coffee export volume expected to be around 330,000 tons. If prices remain high and stable in the near future, the coffee export revenue could reach up to 900 million USD.
In addition to seizing new opportunities in the market, Dak Lak continues to implement measures to enhance both productivity and product quality, attracting investment in deep processing. They are developing a sustainable plan for the coffee industry by improving the quality of beans and increasing the proportion of deep processing to mitigate risks from market fluctuations.
For the 2023-2024 crop, by the beginning of January, coffee harvest in Lam Dong province reached 523,930 tons, achieving 96.1% of the plan. In 2023, the total coffee cultivation area in the province was 175,708 hectares, with a harvested area of 163,520.8 hectares. With an expected yield of 32.8 tons per hectare, Lam Dong’s crop for this year is projected to surpass 535,000 tons.
In 2023, Vietnam’s coffee exports reached over 1.6 million tons (approximately 27 million bags), a decrease of 8.7% compared to 2022 but a 4.6% increase in value, reaching a record of over 4.24 billion USD. The average export price of Vietnamese coffee in 2023 was 2,614 USD per ton, a 14.5% increase compared to 2022.
According to the Vietnam Coffee-Cocoa Association, the coffee output of Vietnam for the 2023-2024 crop is expected to decrease to 1.6 – 1.7 million tons, lower than the 1.78 million tons in the 2022-2023 crop.
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