1H coffee export hits $3.2 billion on rising prices

Vietnam exported 902,000 tons of coffee, worth $3.2 billion, in the first six months of the year, figures from the Ministry of Agriculture and Rural Development (MARD).

The figures represent a year-on-year decline of 10.6% in volume but a rise of 34.5% in value as a result of increasing coffee export prices.

In June, the coffee export revenue hit $300 million following a sharp increase of over 50% in the coffee export price.

The average coffee export price in the first half of 2024 reached a record $3,550 per ton, skyrocketing 48% compared to the same period last year.

Chairman of the Vietnam Coffee Cocoa Association (Vicofa) Nguyen Nam Hai said the impacts of the climate change across the globe resulted in a decline of coffee supply, thus pushing the coffee prices to a record high.

The MARD forecasted that the coffee export turnover of Vietnam could reach a record of $6 billion this year.