Vietnamese coffee export prices reached a record level in the 2022-2023 crop year

According to data from the General Department of Customs, Vietnam's coffee exports in September fell to the lowest level in many years, with a volume of 50,967 tons, worth 168.7 million USD, a decrease of 48.2 million USD. % in volume and down 28.2% in value compared to the same period last year.

Thus, by the end of the 2022-2023 crop year (from October 2022 to September 2023), Vietnam's coffee exports will reach 1.66 million tons (about more than 27.7 million bags, 60 kg/bag). , down 4.5% compared to the 2021-2022 crop year. However, revenue still increased by 3.4% to a record level of 4.08 billion USD thanks to high prices.

In the 2022-2023 crop year, Vietnam's average coffee export price reached 2,451 USD/ton, an increase of 8.2% compared to the previous crop year. In September alone, coffee export prices increased for the 7th consecutive month, setting a new record of 3,310 USD/ton, up 8.4% over the previous month and up 36% (equivalent to 878 USD/ton). compared to the same period in 2022.

Coffee export prices reached a record level in September

On the world market, the Vietnam Commodity Exchange (MXV) said that at the end of the trading session on October 13, crude oil prices increased sharply, supporting industrial raw materials in particular and the market. The commodity market in general prospered. Of which, Arabica prices increased by 3.75%, while Robusta prices closed 1.29% higher than the reference level.

In the report on October 13, standard Arabica inventory on ICE-US Department decreased sharply by 7,249 bags of 60 kg, to 440,773 bags. This is the lowest level of coffee storage since early November 2022.

Coffee sales in Brazil are being limited when suppliers say the current price is low and has fallen too deeply compared to the same period last year.

In the weekly report of the Crop Supply Agency of the Brazilian Government (CONAB), Arabica prices in this country are at 800 Real/60kg bag, down about 30% compared to the same period last year. At the same time, Arabica prices on ICE, although recovering in recent sessions, are still 25% lower than in October 2022.

In addition to market sentiment, the strengthening of the Real currency and the decrease in the USD/Brazil Real exchange rate in the last 5 consecutive sessions also contributed significantly to limiting farmers' sales demand.

With Robusta coffee, basic information in the market is quite optimistic with activities promoting exports of this product in Brazil and positive prospects for new coffee harvest in Vietnam.

In the context that the new crop coffee supply in Vietnam cannot yet be pushed to the market in abundance, Brazil is still actively exporting available Robusta coffee to take advantage of good prices before there is additional supply from Vietnam. Besides, although export activities are still gloomy due to scarce supply, coffee harvest in Vietnam is being supported by dry weather during the day. This helps the market expect positive supply in the near future.

Mr. Duong Duc Quang - Deputy General Director of Vietnam Commodity Exchange (MXV) said that if the coffee harvest in Vietnam continues to be favorable in the 2023-2024 crop season (starting October), Robusta prices say in general and Vietnamese coffee prices in particular will continue to decrease in the last months of the year. According to the historical cycle, by November, the amount of coffee exported from our country can clearly improve when harvesting activities are concentrated and new supply becomes available.

kim Cương

+ OTHER POST:

• Vietnam is the largest pepper supplier in the Korean market(14.10.2023)
• In September 2023, rubber exports to China increased for the 8th consecutive month(14.10.2023)
• After (08.10.2023)
• Germany increased coffee imports from Vietnam(08.10.2023)
• Investing in standard growing areas, coffee exports increase in value(08.10.2023)
• Tariff quotas for textiles and garments exported to Mexico in 2023 under the CPTPP Agreement(08.10.2023)