Thanks to a trend of hiking in coffee prices, experts have predicted that this year’s coffee export revenue may exceed last year’s record of 4 billion USD.

The average price of exported coffee during January-May was nearly 2,300 USD per ton, up 2.4% over the same period last year. This means coffee export revenue will be high in the rest of the year.

In the Central Highlands region, the major coffee production hub of Vietnam, coffee prices saw a strong rise last week and hit a record in three months.

The rise in coffee prices was attributed to a shortage in supply as a result of extreme weather conditions. In 2023, coffee output is predicted to fall 10-15%, while demands for the product is still high.

Under a project developed by the Ministry of Agriculture and Rural Development, the area of specialty coffee in Vietnam is expected to account for 2% of the total, with an output of 5,000 tons by 2025. The figures are hoped to increase to 3% and 11,000 tons, respectively, in 2030.

VNA