Hanoi: Vietnam shipped 230,000 tonnes of coffee abroad in January, earning 623 million USD, up 61.6% in volume and 100.3% in value year-on-year, according to the Ministry of Agriculture and Rural Development.
In the last days of the Year of the Cat, the average coffee price in the Central Highland provinces continued to increase compared to the previous week. Coffee is being purchased at prices ranging from 78,200 – 79,400 VND (3.2-3.25 USD) per kg in some localities. With the current upward trend, domestic coffee prices are likely to exceed 80,000 VND per kg soon.
A surge in domestic coffee prices was attributed to the fact that traders actively purchased coffee before the Lunar New Year (Tet) holiday while exporters were afraid of supply shortages like last year so they tended to buy more.
In 2023, Vietnam exported over 1.6 million tonnes, down 8.7% in quantity but up 4.6% in value compared to last year, reaching a record turnover of 4.24 billion USD.
According to the Vietnam Coffee-Cocoa Association (Vicofa), Vietnam’s coffee production in the 2023-2024 crop will be 1.6-1.7 million tonnes, lower than 1.78 million tonnes in 2022-2023./.
