Vietnam’s coffee exports exceeded the US$5 billion mark for the first time in the 2023-2024 crop year that lasted from October 1, 2023 to September 30, 2024.

Chairman of the Vietnam Coffee and Cocoa Association (VICOFA) Nguyen Nam Hai said that during the 2023-2024 crop year, Vietnam exported about 1.46 million tonnes of coffee, a 12.1% decrease compared to the previous crop year.

Despite the reduced volume, the export value soared by 33.1%, reaching $5.43 billion, marking the highest level ever in a coffee season.

This was also the first time that Vietnam’s coffee exports in a single season surpassed the $5 billion mark, Hai said, attributing the value increase to the hiked prices.

According to the General Department of Customs, in September alone, the average export price of Vietnamese coffee reached $5,469 per tonne, the highest ever so far, up 5.8% from the previous month and 68.7% compared to September 2023.

For the entire 2023 - 2024 crop year, the average export price was $3,673 per tonne, nearly 50% higher than in the previous year. With such price, coffee is the export product with the strongest price rise among Vietnam’s major agricultural exports.

The European Union (EU) remained Vietnam’s largest coffee export market during the 2023-2024 crop year as it imported 563,000 tonnes worth $2 billion, down 8.6% in volume but up 41% in value.

Germany, Italy, and Spain were Vietnam's top three individual coffee export markets in the past season, with export values of $607 million, $417 million, and $413 million respectively, reflecting growth rates of 37%, 30%, and 75% compared to the 2022-2023 crop year.

Other major markets also saw strong growth in export value despite declining volumes, such as Japan (up 38%) and Russia (up 20%).

- By VNA