Vietnamese coffee exports rebounded strongly in February 2023

Published 2023년 3월 17일

Tridge summary

Vietnam's cumulative coffee exports in the first two months of the year experienced a decrease of 7.8% compared to the same period in 2022. Despite this, a recovery is expected in February, contributing to the market's current supply. Domestic green coffee bean prices have seen a significant increase. Globally, oil prices have recovered after a decline, influenced by financial and banking risks. The European Central Bank increased interest rates by 50 basis points, and Saudi Arabia's crude oil exports have also risen by 3%. However, concerns persist about the potential impact of the US Federal Reserve's continued interest rate increases on oil prices.

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Original content

However, cumulative exports in the first 2 months of the year still recorded a decline with a decrease of 7.8% compared to the same period in 2022 when the total export volume was only 342,352 tons. The February export recovery in Vietnam is expected to boost the current supply in the market, especially as other countries such as Indonesia and Brazil are also preparing to supply the new crop year. On the domestic market, recorded this morning, the general trend of world prices, the price of green coffee beans in the Central Highlands and Southern provinces increased sharply by 500 VND/kg. Accordingly, domestic coffee was purchased at 46,800-47,200 VND/kg, significantly erasing the decrease from the beginning of the week. World oil prices cut off the chain of 3 consecutive sessions of sharp decline After 3 sessions of losing a total of nearly 10 USD/barrel, oil price has recovered from the low of 15 months. Ending the session on March 16, WTI oil price increased 1.09% to 68.35 ...

Source: Baochinhphu