EU increases purchases of Vietnamese coffee
|
Luong Van Tu, chairman of the Vietnam Coffee - Cocoa Association, said that the EU represents the second largest market for Vietnamese coffee and accounts for over 42% of domestic coffee exports. Despite the impact of the novel coronavirus still causing numerous difficulties for the local economy and consumption, bread, milk, and coffee are still popular items with high levels of consumption among the EU. Therefore, along with the foundations put in place by the EU-Vietnam Free Trade Agreement, the coffee industry will be able to add value in the near future.
The Department of Agro-Processing and Market Development has assessed that the opening quarters of the year generally witnessed a downward trend in terms of prices. When compared to the end of 2019 however, domestic coffee prices enjoyed a surge of between VND500 to VND700 per kg after enduring a long period of very low prices.
It is anticipated that a limited supply of domestic coffee, coupled with water shortages in the Central Highlands region, will lead to lower output that will eventually drive up domestic prices in the near future.
Elsewhere, forecasts by the United States Department of Agriculture indicate a number of positive signals from major markets. Most notably, the EU is forecast to increase imports by 2 million bags to a total of 49.5 million coffee bags, a haul that makes up nearly 45% of the world's total coffee bean imports. The largest suppliers of coffee to the EU are Brazil, making up 29%, Vietnam, with 23%, Colombia, making up 7%, and Honduras, with 6%.
As the world's second largest importer, the US is also predicted to increase its import demand by 2 million to a total of 27 million bags. The leading coffee exporters to the US include Brazil, with 24%, Colombia, making up 22%, Vietnam, with 16%, and Honduras, making up 6%.
Related News
Maintain the reputation of Vietnamese coffee amidst soaring prices
17:06 | 14/04/2024 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
Bright signals from major export markets
13:27 | 21/12/2023 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