Hanoi: Vietnam shipped 1.61 million tonnes of coffee abroad in 2023, earning 4.18 billion USD, down 9.6% in volume but up 3.1% in value year-on-year. The average coffee export price in 2023 was 2,834 USD per tonne, an increase of 14.1% compared with the previous year. Vietnam's coffee industry benefited from a hike in Robusta coffee price. The price of Robusta in the world market hit a 28-year peak at the end of 2023 due to low inventories and sale restrictions. The price of Robusta coffee is forecast to continue increasing in 2024, even reaching a new peak due to concerns about supply shortages. According to the Vietnam Coffee-Cocoa Association (Vicofa), Vietnam's coffee production for the 2023-2024 crop will decline to 1.6-1.7 million tonnes, lower than 1.78 million tonnes in 2022-2023. This year, Vietnam is focusing on solutions to promote the sustainable development of the coffee industry, including ensuring origin traceability and meeting the European Union deforestation regulation (EUDR)./. Sourc e: Vietnam News Agency
Sunday, September 08, 2024