Vietnam, a leading global producer of coffee, has reported that its coffee exports surpassed US$5 billion in value for the first time in 2024. The country is now aiming to sustain its growth trajectory but in a sustainable manner amidst a volatile market.
During the period October 2023 to September 2024, Vietnam exported 1.45 million tons of coffee, with a total revenue of nearly US$5.43 billion. Although the quantity decreased by 12.7% compared to the previous seasonal period, the value increased by 33% led by a price surge for coffee.
Coffee has become Vietnam’s 3rd major agricultural product after Fruits & Vegetables, and Rice.
Do Ha Name, Vice President of the Vietnam Coffee-Cocoa Association (Vicofa) commented that the sharp increase in coffee export revenue was thanks to the unprecedented price surge in the first half of 2024. For the first time, the price of Robusta coffee on the London coffee futures market surpassed US$5,000 per ton, with Robusta coffee prices higher than those of Arabica coffee, whereas previously it was always priced lower. Domestically, coffee prices also reached new heights, hitting the highest level in the past 30 years, even surpassing export prices.
Overall, during the 2023-2024 season, the average export price of coffee was US$3,673 per ton, nearly 50% higher than in the previous season. With this increase, coffee has become the agricultural product with the highest price growth among Vietnam’s key export commodities.
Vietnamese coffee farmers are advised to prioritize on quality instead of quantity, and coffee businesses should also invest downstream to further add value to national coffee exports.
