Coffee export prices recovered to their highest level due to concerns about supply shortages from Vietnam

Raw Common Coffee Bean

Vietnam

Regulation & Compliances

Market & Price Trends

Published Jan 26, 2024

Tridge summary

Despite a global decrease in coffee imports, the European Union (EU) and Japan increased their coffee imports from Vietnam in 2023, with the EU's imports growing by 10.8% in volume and 11% in value, and Japan's by 5.9%. This growth is attributed to changes in the EU's coffee consumption tastes and the bilateral free trade agreement EVFTA. Vietnam's coffee exports reached a record turnover of 4.24 billion USD in 2023. Looking ahead, Vietnam's coffee industry aims to focus on sustainable development and traceability, particularly in meeting the EU's EUDR anti-deforestation regulations, by 2024. The country's coffee export turnover is projected to reach 4.6-5 billion USD in 2024.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

According to congthuong.vn According to Eurostat data, in the first 9 months of 2023, the European Union (EU) reduced coffee imports from the world, a decrease of 6.8% in volume and a decrease of 7.5% in value compared to the same period last year. 2022, reaching 3.11 million tons, worth 14.51 billion EUR (equivalent to over 16 billion USD). However, the EU increased coffee imports from Vietnam, an increase of 10.8% in volume and an increase of 11% in value, reaching 558.6 thousand tons, worth 1.28 billion EUR (equivalent to 1.41 billion VND). USD). Vietnam's coffee market share accounts for 8.81% of the EU's total import turnover from the world. The coffee consumption tastes of EU people have changed and the bilateral free trade agreement EVFTA helps the Vietnamese coffee industry increase value and continue to expand market share in the EU in the coming time. According to forecasts of the US Department of Agriculture (USDA), the European Union's (EU) green coffee imports will ...

Source: AgroInfo.vn