The price of coffee in Vietnam rose to a record 82300 dong / kg.
According to the Vietnam Coffee and Cocoa Association, the price of robusta coffee delivered in March 2024 fell to $3047 per ton, while the price of Arabica coffee fell to 180.30 cents per pound. But in Vietnam, the price of domestic coffee rose by 700dong / kg on February 25th, with the highest selling price of 82300 dong / kg.
World coffee prices remain in a state of decline on two international exchanges. Recently, on the London Stock Exchange, the price of Robusta coffee fluctuated between $3020 and $3179 per tonne, while the price of Robusta coffee delivered in London in March 2024 was $3047 per tonne, down 4 per cent, down $127per tonne from the end of the last transaction.
The price of coffee in Vietnam has risen by 600,700 dong / kg in half a day. The price of coffee in the central highland region is between 81500 and 82300 dong / kg, with an average price of 82000 dong / kg. In addition, the purchase prices of coffee in Lindong and Dak Lak provinces have all increased by 600 dong / kg, with prices ranging from 81500 to 82100 dong / kg. Coffee prices in Calais and Kuntu provinces were 82000 dong / kg, an increase of 700 dong / kg compared to the morning.
The price increase is due to Germany's increase in the coffee import market share of Vietnamese coffee. According to Eurostat, Germany imports 845500 tons of large bags of coffee from foreign markets in the European Union, worth 2.98 billion euros (about 3.2 billion U.S. dollars). The average price of German coffee imported from the world reached 3511 euros per ton, although it was 17.1% lower than that of the same period in 2022 and its value decreased by 27.6%.
Germany's coffee supply from outside the EU is mainly from Brazil, Vietnam, Honduras and Uganda. Although Germany reduced its coffee imports from Vietnam in the 11 months of 2023, by 11.3 per cent compared with the same period in 2022 to 1.9868 million tons, Vietnam's share of total German imports rose from 21.89 per cent to 23.41 per cent and has recently increased.
At present, local coffee traders in Vietnam say Vietnamese producers and farmers are starting to release coffee beans, but coffee prices have been soaring due to strong demand and falling supply, and many coffee companies are stepping up their efforts to buy coffee beans. in order to obtain sufficient inventory earlier, push up the price to buy coffee beans.
However, at present, Vietnamese coffee has also encountered many difficulties, and coffee production is expected to be reduced by 10% this year due to climate change. In addition, due to China's entry into Vietnam durian in 2023 and the great potential of the Chinese market, coupled with the higher economic value of fruits such as durian, some farmers began to turn to fruits such as durian. So coffee may rise further in the future.
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