Vietnam has reported impressive coffee export figures for the first nine months of 2024, reaching nearly $4.4 billion. This amount surpasses the total turnover for the entire year of 2023, according to VnExpress, citing the Ministry of Agriculture and Rural Development.
Significant Growth in Exports
The nine-month export figure reflects a 40 percent increase compared to the same period last year. This growth is largely attributed to high prices in the global coffee market. In September, Vietnamese coffee was sold at an average price of $5,469 per ton, marking a record high.
From January to September, the average price for exported coffee was reported at $3,897 per ton. This represents a 56 percent rise year on year, making coffee one of the agricultural products with the largest increase in export prices.
Future Challenges Ahead
Despite the current success, the Vietnam Coffee and Cocoa Association warns of potential challenges for the 2024-2025 coffee crop. Unfavorable weather conditions could lead to a decrease in coffee output, estimated at 5 to 15 percent.
Nevertheless, the Ministry of Agriculture and Rural Development remains optimistic, projecting that coffee export turnover for this year could exceed $5 billion, and possibly reach $6 billion, driven by high prices.
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