Local coffee prices in Vietnam are rising again, and the Red Sea problem may escalate.
Recently, according to the Vietnam Coffee and Cocoa Association, the price of coffee in Vietnam has risen sharply. In the international market, the price of robusta coffee delivered in May 2024 rose to US $3450 per ton, while the price of Arabica coffee fell to 182.95 cents per pound, but the price of coffee in Vietnam rose further to 93200 dong / kg.
Coffee prices in the central highlands, Vietnam's largest coffee-producing region, rose by 1300 to 1400 dong / kg. The price of barreled coffee beans ranges from 92400 to 93200 dong / kg. Specifically, in Lindong province, the price of coffee is currently at the lowest level in the region, at 92400 dong / kg, an increase of 1400 dong / kg over the previous price, while in Danong province, the current price of coffee is 93200 dong / kg, an increase of 1300 dong / kg over the previous price. The price of coffee in Calais, Kunsong and Dale provinces was 93000 dong / kg, up 1300-1400 dong / kg.
The high price is due to the tight supply of coffee in Robusta, Vietnam, where major traders have stepped up their efforts to buy coffee beans in order to protect stocks, and because farmers are reluctant to hand over their coffee beans early in the morning. as a result, traders are busy buying coffee beans to fulfill their contracts and reduce losses. However, Vietnam recently said that it will have a better chance of exporting coffee to Italy.
According to Eurostat, Italy's coffee imports from non-EU markets reached 6.2461 million tons in 2023, valued at 1.94 billion euros ($2.1 billion), but fell 4.2 per cent compared with 2022. Although Italian coffee imports declined in 2023, the import market capacity is increasing, and the Italian coffee market is forecast to grow at an average annual rate of 3.35% tons between 2024 and 2029. In addition, according to market research results, Robusta coffee dominates the Italian coffee market, with a market share of 56% in 2023, so Vietnamese coffee exporters are optimistic about this market.
However, what is more serious at present is the problem of Eurasian routes. Since November last year, the Houthi have launched several attacks in the Red Sea and the Strait of Mande. This conflict has forced shipping companies to bypass the Cape of good Hope in southern Africa, causing transportation costs and time to soar. Recently, Houthi leaders said in a speech that the group's action against passing ships would escalate, not only to prevent ships from passing through the Arabian Sea, the Red Sea and the Gulf of Aden, but also to prevent access to the Cape of good Hope in South Africa through the Indian Ocean. Although the group only blocks Israeli and US-related ships, the move will exacerbate tensions in the Red Sea and put global shipping in trouble again.
The picture comes from a post posted by the leader of Houthi on X (formerly Twitter).
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