In January 2024, Vietnam recorded the highest export volume of the coffee industry in nearly 13 years and a record high turnover ever. In addition, domestic coffee prices also reached a new peak of more than VND 83,000/kg, an increase of 70% over the same period last year.

Specifically, data published by the General Department of Customs shows that Vietnam's coffee exports in January reached 238,266 tons with a turnover of USD 726.6 million, an increase of 14.8% in volume and an increase of 21% in turnover compared to the previous month; and compared to January 2023 (a month with many days of Lunar New Year holidays), an increase of 67.4% in volume is recorded.

This is also the month with the highest export volume of the coffee industry in nearly 13 years and a record high turnover ever.

Accumulated over the first 4 months of the 2023-2024 crop year (October 2023 to January 2024), Vietnam's coffee exports reached 564,699 tons (equivalent to 9.4 million 60kg bags), an increase of 20.6% compared to the same period in the 2022-2023 crop year.

The average export price of coffee in the first month of the year reached USD 3,050/ton, an increase of 5.6% over the previous month and an increase of 39.6% over the same period last year.

The European Union (EU) continues to be Vietnam's largest coffee export market in the first month of the year, accounting for 36.8% of the market share with a volume of 87,748 tons, a turnover of USD 263.2 million, an increase of 9.6% in volume and 17.9% in turnover compared to the previous month.

In the EU, the amount of coffee exported to Germany reached 26,976 tons, decreased by 3.5%; Italy reached 22,915 tons, an increase of 35.1%; Spain with 16,046 tons, an increase of 34.1%...

The amount of coffee exported to some other major markets also recorded positive results compared to the previous month such as: the US and China increased by more than 3%, especially Russia and Indonesia increased by 106% and 233.1%. On the contrary, exports to Japan, Algeria and Korea Republic decreased.

In particular, in the domestic market, since the beginning of the year until now, coffee prices have continuously established new peaks. In January 2024, coffee prices in key producing provinces in the Central Highlands continued to increase and reached a new historic milestone of VND 71,000/kg on January 11, surpassing the old peak of VND 70,000/kg last year.

As of February 22, the price of green robusta coffee in the Central Highlands region was traded at VND 82,500 - 83,400/kg, an increase of 22% compared to the beginning of the year and an increase of more than 70% over the same period last year.

Kylie Nguyen