Coffee exports may record US$4 billion
VGP - Viet Nam Coffee Cocoa Association (Vicofa) forecasted that if the export price of coffee remained at a high level, as in the first half of 2022, Viet Nam's coffee industry would set a record export milestone of $4 billion by this year-end.
According to the General Department of Viet Nam Customs, Viet Nam shipped 1.2 million tons of coffee worth US$2.8 billion in the first eight months, up 11 percent in volume and 40 percent in value over the same period last year.
The average export price of Viet Nam's coffee in August 2022 was estimated at US$2,336 per ton, up 1.6 percent compared to July 2022 and 16.1 percent higher than August 2021.
In the January-August period, the average export price of coffee was estimated at US$2,268 per ton, up 21.7 percent against the same period in 2021.
Coffee prices rose again amid a sharp decline in global coffee inventories. Bloomberg said Viet Nam's coffee inventories were decreasing, a sign that the worldwide coffee price may increase even more shortly.
Germany is the largest importer of Vietnamese coffee as it accounts for 12 percent of Viet Nam's total coffee export value, followed by Belgium and Italy.
"The coffee industry in 2022 will grow 30-40 percent in export turnover because the world is adapting to Covid-19; the demand is great while the supply is decreasing. The export price of coffee may reach US$2,400-2,600 per ton in 2022, and the upward momentum may last into 2023," Vicofa predicted.