In the first half of 2024, the average export price of Vietnamese coffee to the United Kingdom surged to $3,941 per tonne, representing a dramatic 68.4% increase compared to the previous year.
Data from the General Department of Customs reveals that Vietnam stands as the second-largest coffee supplier to the UK. However, coffee exports from Vietnam to the UK saw a notable decline in June 2024, with shipments totaling 2.18 thousand tonnes valued at $9.1 million. This marks a significant decrease of 44.6% in volume and 17.5% in value from June 2023, which has contributed to the steep rise in coffee prices.
The UK sources coffee from 94 different countries and territories. Major suppliers include Brazil, Vietnam, Germany, Italy, and Colombia. Statistics from the International Trade Centre (ITC) indicate that during the first five months of 2024, the UK imported 94.21 thousand tonnes of coffee globally, amounting to $553 million. This reflects an 8.1% increase in volume and a 2.6% rise in value year-over-year.
Despite a global decline in the average import price of coffee to the UK, which fell by 5.2% to $5,870 per tonne, the price of Vietnamese coffee soared. The average import price for Vietnamese coffee jumped 45.4% to $3,378 per tonne, contrasting with the decreasing prices from Brazil, Germany, and Colombia.
Brazil retained its position as the largest coffee supplier to the UK in the initial five months of 2024, exporting approximately 37.47 thousand tonnes worth $128.81 million. This marks a significant 93.8% increase in volume and a 45.1% rise in value. Vietnam, as the second-largest supplier, provided 15.33 thousand tonnes valued at $51.79 million. Although this represents a 22.8% drop in volume, the value of exports increased by 12.2% compared to the same period last year.
Vietnam’s share of the UK coffee import market decreased from 22.8% in the first five months of 2023 to 16.27% in the same period in 2024. During this time, the UK has expanded its coffee imports from Germany and Italy while reducing imports from Colombia.