Coffee exports have surged by over 17%.

13:57 - 17/11/2023

NEWS 1

Coffee exports have surged by over 17%.

On the domestic market, recorded in the morning of November 1, 2023, the price of coffee beans in the Central Highlands and the Southern provinces recovered strongly, approaching the mark of 60,000 VND/kg. With an increase of more than 1,000 VND/kg, the purchase price of domestic coffee currently ranges from 58,800 to 59,600 VND/kg. The ongoing coffee harvesting activities for the 2023/24 season are supported by favorable dry weather conditions in the Central Highlands, raising expectations for improved Vietnam’s export activities due to the new supply.

In terms of exports, preliminary statistics from the General Statistics Office indicate that Vietnam's coffee exports in October 2023 have rebounded, reaching 60,000 tons, a 17.7% increase compared to September 2023, but a 29.7% decrease compared to the same period in 2022. The export turnover is 189 million USD, a 12.1% increase from September but a 13.6% decrease compared to the same period in 2022.

Vietnam currently exports coffee to over 80 countries. In 2022, coffee exports reached over 1.77 million tons, with a turnover of over 4.05 billion USD. The EU is a significant consumer, accounting for 38.3% of the country's total coffee export volume. Vietnam ranks sixth globally in coffee cultivation area, with over 700,000 hectares (behind Brazil: 1.9 million ha; Indonesia: 1.2 million ha). However, thanks to Vietnam's highest coffee productivity in the world, the country achieves the second-largest annual coffee harvest globally, ranging from 1.75 to 1.85 million tons.

Image: Coffee prices are showing a strong recovery trend.

Source: https://congthuong.vn/

(https://congthuong.vn/xuat-khau-ca-phe-tang-manh-tren-17-282499.html)

NEWS 2

Import And Export Of Goods Continued To Prosper

Import-export activities continue to show positive signs, regaining growth momentum in October 2023 after slowing down last month. The latest updated data from the Ministry of Industry and Trade shows that the total import-export turnover of goods in October was estimated at 61.62 billion USD, up 4.1% over the previous month and up 5.6% over the same period last year.

Regarding export of goods, after the decline in export turnover of goods in September (down 6.3%), export turnover of goods in October regained growth momentum, estimated at 32.3 billion USD. Compared to the same period last year, the export turnover of goods in October increased by 5.9%, of which the domestic economic sector increased by 15.1%, the foreign invested sector (including crude oil) increased by 3%. This is a very positive bright spot as the growth rate of the domestic business sector is 5 times higher than that of the foreign invested sector.

Assessing the import and export situation from now until the end of the year, the Ministry of Industry and Trade said that global economic growth is low, global consumer demand is weak, protection barriers are increasing, many countries continue to maintain tight monetary policy. In addition, Vietnam's major export partners such as the United States and EU reduced spending on purchasing common and luxury products, causing the volume of orders to decrease. Besides, China's reopening also creates a lot of competitive pressure on Vietnam's exports of the same type. Meanwhile, our businesses are still facing many difficulties due to reduced foreign orders, the domestic market's purchasing power is not large, input costs are still high, and it is not easy to access credit.