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| Coffee harvesting in the growing area of Simexco Daklak Company, Buon Ma Thuot city, Dak Lak province__Photo: VNA |
A sharp rise in export prices has been the major reason behind a surge in the export revenue of Vietnamese coffee sector so far, according to the Vietnam Coffee-Cocoa Association (Vicofa).
The association reported that in the 2023-2024 crop from October 2023 to September 2024, Vietnam shipped abroad 1.46 million tons of coffee for USD 5.43 billion, down 12.1 percent in volume but over 33 percent in value compared to the previous crop.
In the period, Vietnamese coffee prices at the international market reached USD 3,673 per ton, nearly 50 percent higher than those in the previous crop, the highest rise among major agricultural products for export of Vietnam.
Data from the General Department of Customs, as of October 15, Vietnam exported USD 1.13 million ton of coffee to earn USD 4.44 billion, a year-on-year decrease of 11.1 percent in value but an increase of 39.1 percent in value.
In the first nine months of this year, the average coffee prices rose 56 percent year on year to USD 3,896 per ton.
Experts attributed the price hikes to a decrease in both coffee supply and inventory.
In the 2024-2025 crop, Vietnamese coffee prices is predicted to continue to stay high due to high demands in the domestic and international markets.
However, Nguyen Van Hoan, Vice Director of the Department of Agriculture and Rural Department of the Central Highlands province of Gia Lai, one of the major coffee production hubs of Vietnam, advised farmers to maintain stable coffee farming areas to avoid risks of price decrease.- (VNA/VLLF)
