U.S. spends more than $5.72 billion to buy this bean; will the price of Vietnamese coffee increase?

Published 2022년 1월 3일

Tridge summary

The US has seen a significant increase in coffee imports from various markets except Vietnam in the first 10 months of 2021 due to Covid-19 transportation issues. Total imports reached 1.35 million tons, valued at $5.71 billion, marking a 5.2% increase in volume and 19.7% increase in value from the previous year. Despite the pandemic, US coffee consumption has remained steady at around 650 million cups per day. The US coffee market is projected to grow at a CAGR of 4.8% from 2020-2025, offering potential for Vietnamese coffee beans. However, US consumers are demanding higher quality, high-end products. Vietnam, the world's third-largest coffee exporter and the largest agricultural product importer in the US, is expected to increase its coffee exports by 980,000 bags in the 2021-2022 coffee year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to statistics from the International Trade Center (ITC), this year the US increased coffee imports from many markets. Total US coffee imports in the 10 months of 2021 reached 1.35 million tons, worth US$5.71 billion, up 5.2% in volume and 19.7% in value over the same period last year. 2020. In the first 10 months of 2021, the United States increased imports from most of the main sources, except for Vietnam. The complicated development of the Covid-19 epidemic, causing difficulties in transportation, is the cause of the decrease in US coffee imports from Vietnam. Accordingly, our country is the third largest coffee exporter to the US (by volume). In the first 10 months of 2021, Vietnam's coffee exports to the US reached approximately 118.3 thousand tons, worth US$228.11 million, down 15.1% in volume and 12.3% in value compared to same period in 2020. Coffee is a popular beverage in America. Coffee consumption of the American people has fluctuated slightly in recent years, ...

Source: Danviet