Agricultures, News & Event
Export coffee prices shooting up
In the first five months of the year, the average export price of coffee reached $2,250 a ton, up 24% over the same period in 2021.
Data from the Ministry of Agriculture and Rural Development shows that coffee exports in the first six months of the year reached 1.03 million tons and 2.32 billion USD, up 21.7% in volume and 50% in value compared to the previous year. with the same period in 2021, marking the strongest growth in the past 5 years.
In which, the sudden increase is the price of coffee exported to the US. According to the General Department of Customs, the average price in the first five months of the year increased by 42.3% to $3,451 a ton. As a result, the value of Vietnamese coffee exports to the US increased despite the decrease in output.
Along with the US, coffee exports to Germany, Belgium, Italy and the Netherlands increased by 10-460% over the same period. In which, Germany, Belgium and Italy are the 3 largest coffee consuming markets of Vietnam.
Coffee exports increased sharply due to increased demand in the world market while supply decreased.
According to the report of the International Coffee Organization (ICO), in the first 7 months of the crop year 2021-2022 (from October 2021), global exports increased slightly by 0.6% compared to the same period of the year. previous year. The ICO forecast that the global coffee market will have a deficit of about 3.1 million bags for the full crop year 2021-2022. The market is still affected by the unresolved bottlenecks in the coffee supply chain while the global economy faces many challenges.
The world’s largest coffee producer, Brazil, continues to face a shortage of containers, although the situation has improved in recent weeks. On the other hand, the country also has a lower production crop on a biennial cycle of Arabica coffee.
Similar to the trend, Indonesia’s coffee output also dropped sharply. Accumulated exports of Indonesia’s Robusta coffee in the first eight months of coffee year 2021-2022 totaled 1.9 million bags, down 25% year-on-year.
In the domestic market, the price of coffee with buckets (raw coffee, only going through the process of peeling, not going through any processing or processing) of the Central Highlands provinces is at 42,800-43,300 VND per kg, an increase of 1,200-1,300 VND per kg compared to the previous month. In the first 6 months of the year, the domestic price of coffee increased by 1,700-2,000 VND per kg over the same period.
Thi Ha