Vietnam’s coffee exports exceeded the USD 5 billion mark for the first time in the 2023-2024 crop year that lasted from October 1, 2023 to September 30, 2024.
Chairman of the Vietnam Coffee and Cocoa Association (VICOFA) Nguyen Nam Hai said that during the 2023-2024 crop year, Vietnam exported about 1.46 million tons of coffee, a 12.1 percent decrease compared to the previous crop year.
Despite the reduced volume, the export value soared by 33.1 percent, reaching USD 5.43 billion, marking the highest level ever in a coffee season.
This was also the first time that Vietnam’s coffee exports in a single season surpassed the USD 5 billion mark, Hai said, attributing the value increase to the hiked prices.
According to the General Department of Customs, in September alone, the average export price of Vietnamese coffee reached USD 5,469 per ton, the highest ever so far, up 5.8 percent from the previous month and 68.7 percent compared to September 2023.
For the entire 2023 - 2024 crop year, the average export price was USD 3,673 per ton, nearly 50 percent higher than in the previous year. With such price, coffee is the export product with the strongest price rise among Vietnam’s major agricultural exports.
The European Union (EU) remained Vietnam’s largest coffee export market during the 2023-2024 crop year as it imported 563,000 tons worth USD 2 billion, down 8.6 percent in volume but up 41 percent in value.
Germany, Italy, and Spain were Vietnam's top three individual coffee export markets in the past season, with export values of USD 607 million, USD 417 million, and USD 413 million respectively, reflecting growth rates of 37 percent, 30 percent, and 75 percent compared to the 2022-2023 crop year.
Other major markets also saw strong growth in export value despite declining volumes, such as Japan (up 38 percent) and Russia (up 20 percent).
