Vietnam’s coffee industry has experienced a remarkable surge in 2024, with the average export price reaching USD 3,981 per ton in the first 10 months of the year. This marks a 57% increase compared to the same period last year, contributing to USD 4,6 billion in export revenue. Despite a slight decline in export volume, the value of Vietnam's coffee exports has soared, demonstrating strong global demand for Vietnamese coffee.

Coffee Exports: Volumes and Value Soar

According to preliminary data from the General Department of Customs, Vietnam exported 1.2 million tons of coffee by October 2024, earning USD 4,6 billion. While export volumes decreased by 4.6%, export value rose by 10.8%. The average export price of coffee has reached a record high, driven by global market conditions, including climate change and the EU's anti-deforestation regulation (EUDR), which has spurred increased demand for responsibly sourced coffee.

A Year of Records for Vietnam's Coffee Industry

2024 marks a historic year for Vietnam's coffee sector, with export turnover surpassing the USD 5 billion mark for the first time. Vietnam's Robusta coffee, the dominant variety in the country, is now commanding prices higher than Arabica globally, reflecting growing global demand and Vietnam's improved market position.

Global Market Trends and Local Factors

Factors like El Niño-related droughts in coffee-growing regions worldwide, coupled with the EUDR, have contributed to a significant rise in coffee prices. Despite a decrease in export volume, the overall value continues to increase, highlighting Vietnam’s growing importance in the global coffee trade.

Conclusion: 

As Vietnam enters the final months of 2024, coffee exports are expected to recover, with both supply and demand factors improving. The country’s strong position in the global coffee market and high export prices indicate that the coffee industry will remain a key economic driver for Vietnam. For traders and consumers, monitoring price trends will be essential, as the global coffee market remains volatile. Given the strong demand and price fluctuations, there may be opportunities for strategic purchases in the coming months.





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