Coffee One of Agricultural Products With Highest Export Price

Coffee has seen a 49.9% increase in export prices over the past five months, reaching US$3,482 per ton, according to the Ministry of Agriculture and Rural Development. However, concerns about excessive drought in Brazil and Vietnam may limit global output. The Ministry predicts a 20% decrease in Vietnam’s coffee output in the 2023-2024 crop year due to earlier weather conditions. Despite this, the recent coffee crop was successful, with increased prices motivating farmers to take better care of their gardens and consider expanding growing areas.

Coffee is a key export product in Vietnam, accounting for over 10% of the country’s revenue from agricultural exports and 3% of total GDP. Last year’s Vietnamese coffee exports reached a record high of 1.61 million tons, bringing in US$4.18 billion. The goal of increasing coffee export value this year is based on a strong foundation, but local businesses need to develop careful export strategies to maintain long-term results.

The Vietnam Coffee and Cocoa Association predicts that coffee exports will continue to be favorable in 2024, with coffee prices increasing sharply despite potential falls in output. Export turnover may experience breakthrough growth, with coffee exports likely to reach between US$4.5 and US$5 billion this year.

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