Vietnam: Many agricultural products have increased in price to record levels

Published Apr 22, 2024

Tridge summary

In 2023, Vietnam has witnessed a significant surge in agricultural product prices, with coffee, durian, and cocoa reaching record highs due to a combination of factors including soaring exports, low inventory levels, the impact of the El Nino phenomenon causing droughts, geopolitical tensions, and a reduction in cultivation area. Coffee prices have increased by 63%, while durian and cocoa prices have also doubled in the first quarter. The global market trends mirror these increases with Robusta and Arabica coffee prices hitting unprecedented levels. The price hike is expected to persist due to high global demand, reduced output from drought-induced crop failures, and external factors like the Red Sea crisis and rising oil prices. Despite a potential temporary drop in durian prices with the start of the harvest in May, prices are anticipated to rise sharply towards the year's end, especially with the commencement of official exports of frozen durian. Local authorities are closely monitoring weather developments and planning water regulation for crops in anticipation of continued drought and water shortages, suggesting that the upward price trend for these agricultural products is likely to continue.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Source: At the beginning of the year, coffee prices were only 70,000 VND per kilogram but have now increased 63% to 114,000 VND. This level is 2 or 3 times higher than the same period last year and is the highest ever. Similarly, durian and cocoa also set new price records in the first quarter with a double increase compared to the beginning of the year. In particular, durian in March at one time increased to 230,000 VND per kg for Monthong goods, then turned to cool down due to the main season. With cocoa, the price per kilogram of fresh fruit being purchased is 7,000-8,000 VND per kilogram, an increase of 60% over the same period in 2023. On the world market, the prices of these products are increasing at an unprecedented high. In particular, Robusta coffee on the London floor has increased by nearly 1,000 USD per ton from the beginning of the year until now to 4,003 USD in the trading session on April 16 for May delivery. New York Arabica coffee price increased to ...
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