Coffee exports to Indonesia, Russia, and Algeria see triple-digit growth
Vietnam shipped a total of 210,370 tonnes of coffee worth US$482.43 million abroad in March, with exports to Indonesia, Russia, and Algeria witnessing a triple-digit growth, according to figures released by the General Department of Vietnam Customs.
This figure represents an increase of 5.2% in volume and 10.9% in value compared to February, but a decline of 0.3% in volume and up 1.7% in value against the same period from last year.
In the first quarter of the year, Vietnamese coffee exports reached 552,610 tonnes, worth approximately US$1.23 billion, marking a drop of 5.0% in volume and 5.4% in value over the same period from 2022.
The average export price of Vietnamese coffee in March surged by 5.5% to reach US$2,293 per tonne compared to February and up 2.0% compared to March, 2022.
However, the country’s average coffee export price in the first quarter of the year dropped by 0.3% on-year to US$2,222 per tonne.
During the 4-month period, national coffee exports to most markets recorded an upward trend, with the exception of Belgium, Spain, Japan, and the Netherlands. Most notably, coffee exports to Indonesia, Russia, and Algeria recorded a triple-digit growth rate compared to the first quarter of last year.
Specifically, coffee exports to Russia, Indonesia, and Algeria in the reviewed period increased by more than 76%, 209%, and 126,8% on-year, respectively.
Elsewhere, export turnover to the United States soared by 26.9% to more than US$86 million, while exports to the EU market fell by 8.2% to US$473.7 million on-year.
These figures indicate that EU continue to be the nation’s largest coffee export markets, accounting for nearly 40% of total exports.
Industry insiders predict that the growth rate of global coffee prices will start to slow as high inflation in the EU and interest rates in the US will impact consumer spending, thereby making coffee consumption more uncertain.
However, Vietnamese businesses have been advised to take advantage of factors such as high prices, Government support, and low export output from leading coffee exporters to boost their own activities.
This will serve to create opportunities for Vietnam to maintain a coffee export turnover of over US$ 4 billion this year.
