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Vietnam's coffee exports reach nearly US$4.2 billion in 2023

07 Jan 2024 03:00pm
Photo for illustration purposes only. - 123RF
Photo for illustration purposes only. - 123RF

HANOI - Vietnam earned US$4.18 billion in coffee exports last year with 1.61 million tonnes of coffee shipped abroad, reported Vietnam News Agency (VNA).

The country’s coffee industry is down 9.6 per cent but up 3.1 per cent in value year-on-year, as it benefited from a hike in Robusta coffee prices.

The price of Robusta in the world market hit a 28-year peak at the end of 2023 due to low inventories and sale restrictions.

The average coffee export price in 2023 was US$2,834 per tonne, an increase of 14.1 per cent compared with the previous year.

This year, the price of Robusta coffee is forecast to increase - even reaching a new peak due to concerns about supply shortages.

Meanwhile, Vietnam this year is focusing on solutions to promote the sustainable development of the coffee industry, including ensuring origin traceability and meeting the European Union Deforestation Regulation (EUDR) standard. - BERNAMA

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