March 22, 2023 00:49Advertisement Contact us
The value of Vietnam’s coffee exports to Indonesia saw a sharp rise in the first five months of the year, according to the Ministry of Agricultural and Rural Development (MARD).
The country recorded an 8-fold increase in export value to Indonesia, reaching US$102 million, up 97.1% against the same period last year.
Indonesia are driving up their imports of Vietnamese coffee as it is reasonably priced and has a good quality for the purpose of processing instant coffee, domestic consumption or re-export.
Vietnam’s coffee exports also posted a sharp increase to other markets such as Russia (up 76.8%), the Philippines (54.1%), Algeria (10.8%), and Japan (5.8%).
In the first half of the year, coffee exports are estimated to reach 1,042 million tons worth US$2.01 billion, up 11% in volume but down 4.7% in value compared to the corresponding period last year.
Germany and the US remained the two largest importers of Vietnamese coffee in the first five months with export values hitting US$209 million and US$174 million respectively.
The average export price of coffee stood at US$1.929 per ton in the first half of the year, down 14.23%, while the export price for June was US$1.914 per ton, down 2.3%.
On the domestic market, the coffee price was on a downward trend in June, hovering at VND36,000 per kilo, down VND700 per kilo against the corresponding period of the previous month.
According to the International Coffee Organization (ICO), the global coffee output for the 2017-2018 period is estimated to increase 1.2% to 159.66 million sacks (60kg). The US Department of Agriculture (USDA) predicts that the global coffee output for the 2018-2019 period will reach 171.2 million sacks.