In the first half of November, coffee exports increased sharply to nearly 37,000 tons

According to the latest data from the General Department of Customs, in the first half of November 2023, Vietnam exported 36,968 tons of coffee, 2.1 times higher than the same period last month.

However, this number is still down 37.7% over the same period in 2022. The value of coffee exports reached 116 .38 million USD, up 83.2% over the same period last month, but down 18.3% over the same period in 2022.

Coffee exports in the first half of November increased

Cumulatively in the past 11.5 months, Vietnam exported more than 1.51 million tons of coffee, down 11.7% over the same period in 2022; Turnover reached 3.47 billion USD, down 1.9%.

After 8 consecutive months of increases, the average export coffee price in the first half of November 2023 turned down, reaching 3,148 USD/ton, down 12.6% compared to the average level for the whole month of October 2023. Accumulated for 11.5 months at 2,552 USD/ton, up 11.2% over the same period in 2022.

In the derivatives market, export coffee prices continue to be anchored at a high level. According to Vietnam Commodity Exchange (MXV), closing the trading day on November 22, the prices of two coffee products rebounded. . Of which, Arabica prices increased by 0.3% and Robusta prices were 1.33% higher than the reference.

Prices of two types of coffee maintain increasing momentum

When opening the afternoon session, Arabica and Robusta prices continued the decline of the previous session thanks to positive signals from supply. Standard Arabica inventories on the ICE-US Department increased after two consecutive months of decline and rain appeared in Brazil's main coffee growing region, promoting a more positive supply outlook. At the same time, the good coffee output harvested in Vietnam has partly helped exports in the first 15 days of November nearly double compared to the same period last month.

However, when it turned to the evening session and the US market began to operate more strongly, the buying force quickly returned and overwhelmed both coffee products. Speculators are still betting on the possibility of coffee prices increasing in the context of cooling inflation in the US, helping prices recover very quickly yesterday.

On the domestic market, recorded this morning (November 23), the price of green coffee in the Central Highlands and Southern provinces moved sideways, continuing to stay at 57,100 - 57,800 VND/kg.

For Vietnam, Reuters news agency estimates that Vietnamese farmers have harvested 10-20% of the expected coffee output of the 2023/2024 crop year. The supply from the new crop year has partly relieved the shortage that has lasted for a long time.

It is expected that in the 2023-2024 coffee season, Vietnam's coffee output will decrease by 10% due to the effects of climate change, intercropping area will increase, farmers will invest in economically effective crops. Tall like durian, fruit tree. Due to the decrease in supply, coffee prices will continue to be high because market demand is still large, especially in the EU from now until April next year. Along with that, in China, young people are also increasingly preferring coffee over tea.

Notably, in many coffee growing localities, farmers are now paying more attention to the application of science and technology and participating in sustainable coffee production chains.

For example, in Gia Lai, Vinh Hiep has become one of Vietnam's leading responsible coffee exporters when combining with farmers, cooperatives, cooperative groups... to participate in the production chain. Coffee according to 4C standards (produced in accordance with the common set of rules for the coffee community). When produced according to 4C standards, coffee products when brought to market will no longer have pesticide residues, contributing to helping Vietnam's Robusta coffee products in general and Gia Lai in particular affirm their position. on the international market.

By producing coffee according to standards, Gia Lai coffee prices increased by more than 10% compared to the same month last year (ranging from 2,300-2,400 USD/ton). Businesses in the province have actively and proactively improved quality, improved designs, and built product brands to access the world market. Along with that, the impact of free trade agreements, especially EVFTA and RCEP, has created favorable conditions for businesses to expand markets and improve export capacity.

Kim Cuong 

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