Coffee sector to boost exports on EVFTA incentives
Statistics compiled by the General Department of Vietnam Customs indicate that Vietnam exported 1.57 million tonnes of coffee worth US$2.74 billion last year, representing a decrease of 5.6% in volume and 4.2% in value, while the average export price saw a slight increase of 1.4% to US$1,751.2 per tonne compared to 2019.
Germany remains the largest consumer of Vietnamese coffee, importing 223,581 tonnes worth US$350.41 million, marking a decline of over 4% in both volume and turnover. Meanwhile, the average export price in the market stood at US$1,567 per tonne, a rise of 0.4%.
The Southeast Asian market ranked second in terms of turnover with US$328.36 million, a drop of 8.6% in turnover, followed by the United States’ market with US$254.89 million.
The MARD anticipates that there are positive signs moving forward for coffee exports as Vietnam’s coffee export markets suffered huge losses due to the COVID-19 pandemic leading to an increase in domestic demand for coffee.
Despite this forecast, the rebound of coffee prices will largely be dependent on the tourism industry’s recovery level in the post-COVID-19 landscape.
Moreover, local businesses have been advised to make full use of opportunities brought about by the EU-Vietnam Free Trade Agreement (EVFTA) in order to boost exports in the near future.
MARD Deputy Minister Le Quoc Doanh said the enforcement of the EVFTA has seen the EU remove all taxes on unroasted or roasted coffee products from 7% to 0%, while tariffs on processed coffee types are set to be slashed from 9% to 0%.
Simultaneously, coffee makes up one of 39 of the country’s geographical indications that have been protected by the EU following the implementation of the EVFTA, an agreement which has created a huge competitive advantage for the local coffee industry in comparison with other competitors in the EU market.
Related News
Maintain the reputation of Vietnamese coffee amidst soaring prices
17:06 | 14/04/2024 Import-Export
Science and technology enterprises still have limited to access to preferences
10:45 | 15/04/2024 Import-Export
Exporting coffee starts the new crop season with many concerns
15:10 | 05/01/2024 Import-Export
Development of a strategy for Vietnamese coffee to reach the market of billions of people
16:25 | 20/12/2023 Import-Export
Latest News
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export
More News
More efforts needed to maintain export growth to China: Insiders
13:55 | 23/04/2024 Import-Export
It is expected that there are higher orders and revenue in the second quarter from European businesses
09:31 | 23/04/2024 Import-Export
Vietnamese rice prices on the hike
15:08 | 22/04/2024 Import-Export
FDI flow into garment and textile sector bounces back
15:06 | 22/04/2024 Import-Export
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Find ways to a corporation for businesses in industrial parks
10:38 | 22/04/2024 Import-Export
Export turnover of two agricultural product groups grows three-digit
18:10 | 21/04/2024 Import-Export
Early warnings reduce risks in trade defense
18:09 | 21/04/2024 Import-Export
Rubber exports are flourishing, promising potential
17:51 | 20/04/2024 Import-Export
Your care
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export
More efforts needed to maintain export growth to China: Insiders
13:55 | 23/04/2024 Import-Export