Global coffee supply surplus Vietnam's coffee exports fell in volume and price in 2019
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According to statistics from Vietnam's Ministry of Agriculture and Rural Development, Vietnam exported 943000 tons of coffee in the first half of 2019, with an export value of US $1.6 billion, down 9.2% and 19.9% respectively from the same period last year. The main export markets of Vietnamese coffee are Germany and the United States, accounting for 13.2% and 9.8% of the Vietnamese coffee export market respectively. In the first half of the year, the amount of coffee imported from Vietnam by Germany, the United States and other countries decreased.
The decline in Vietnamese coffee exports is mainly affected by changes in global coffee supply and demand. In the first half of this year, due to the high global coffee supply, the price of July Robusta coffee futures in London fell by $476 / tonne, while the price of coffee in Vietnam fell accordingly, with coffee export prices falling by an average of 11.5 per cent in the first half of the year.
What worries the Vietnamese industry even more is that Vietnamese coffee exports and prices in the domestic market are falling faster than those in the world market. Compared with the prices of other major coffee exporters in the world, the export price of coffee from Vietnam is at the lowest level. Among the top 10 coffee suppliers in the United States in 2018, Vietnamese coffee was at the bottom with an average price of US $1881 per ton.
Statistics show that the export price of Vietnamese coffee has long been lower than that of Brazil, Colombia and other major coffee producing countries, because among Vietnam's exported coffee, the newly processed coffee accounts for about 80% of the total export volume, and the harvested coffee is often substandard in maturity and mixed with impurities, resulting in low product quality. In addition, although Vietnam is the world's largest exporter of robusta coffee, it does not have the corresponding pricing power, the price is completely controlled by the coffee trading floor in New York or London, and prices are depressed during the harvest season.
According to the analysis here, if Vietnam fails to change the quality and trading mode of coffee, exports will still face greater pressure.
Source: economic Daily
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