The coffee industry faces pressure from global uncertainties and rising inflation in major markets after achieving a record export value in the 2021-22 crop year. (Photo: VNA)
Statistics from the General Department of Customs show that Vietnam exported 1.42 million tonnes of coffee in the first ten months of this year, a rise of 10.8% over the same period last year.
Export revenue increased strongly by 33.7% to reach 3.22 billion USD. Coffee export prices averaged 2,283 USD per tonne, up by 21.2%.
Vietnam had a good coffee crop with strong prices in 2021-22, according to the Ministry of Agriculture and Rural Development.
Statistics from the Vietnam Coffee Cocoa Association (VICOFA) show that a total of 1.68 million tonnes of coffee were exported in the 2021-22 crop, worth more than 3.9 billion USD, a record revenue so far.
Germany was the largest coffee export market of Vietnam with 216,000 tonnes, followed by Italy with 139,000 tonnes, the US with 126,000 tonnes, Belgium with 120,000 tonnes and Japan with 111,300 tonnes.
Instant and ground coffee exports totalled 92,000 tonnes, worth 598.2 million USD in the 2021-22 crop.
VICOFA President Nguyen Nam Hai said that Vietnam is gradually increasing the export of processed coffee and reducing dependence on raw coffee exports, opening positive prospects for the coffee industry.
VICOFA said that the 2022-23 crop is entering the harvest season in the context of global uncertainties, rising inflation risk and unstable logistics, which are creating pressure on the coffee industry.
Global coffee prices are dropping from early November as better weather helps replenish dwindling supplies.
According to a story published by multimedia financial services company Motley Fool, Brazil expects its coffee production to grow by at least 8% next year.
Vietnam, the world's second-largest coffee exporter, also expects a healthy crop.
ICO forecast Brazil and Vietnam would supply 100 million bags or meet 60% of the global coffee consumption demand in the 2022-23 crop./.