Vietnam Coffee Exports Surpass $1 billion, Prices Hit Record Highs in 2024

In a remarkable start to 2024, Vietnam’s coffee industry breaks records in the first two months, signaling a prosperous year ahead.

Vietnam’s coffee exports have soared to unprecedented heights, according to the Vietnam Customs, reaching 438,000 tons with a turnover of $1.38 billion. This marks a substantial increase of 27.9 percent in volume and a staggering 85 percent in value compared to the same period in 2023, catapulting Vietnam’s coffee export turnover to a historic high, surpassing the $1 billion mark within the first two months of the year.

In a dramatic shift, coffee has emerged as the leading agricultural export, outpacing fruits and vegetables ($815 million) and rice ($708 million) in export turnover for the first two months of 2024. Moreover, it has surpassed seafood, securing the second spot in the agriculture, forestry, and fisheries commodity chain, trailing only behind wood and wood products.

February 2024 witnessed Vietnam’s average export coffee price reaching an unprecedented peak of $3,276 per ton, a notable 7.4 percent increase from January 2024 and a remarkable 50.6 percent surge from the same period last year. The cumulative average export price for Vietnamese coffee over the two months stood at $3,153 per ton, reflecting a robust 44.7 percent surge compared to the same period last year.

According to the Vietnam Coffee Cocoa Association (Vicofa), the substantial growth across all metrics—quantity, price, and average value of exported coffee—heralds prosperity for coffee farmers, particularly in the Central Highlands.

On a global scale, the International Coffee Organization reports a surge in coffee exports from the Asia and Oceania region, primarily fueled by Vietnam’s remarkable performance. Vietnam’s coffee exports alone surged by 66 percent to over 4 million bags, marking the highest monthly export volume ever recorded.

As experts forecast stable and high coffee prices until May 2024, the Northern Hemisphere, including Vietnam, braces for the culmination of the coffee harvest season. Subsequently, attention will shift to the Southern Hemisphere, particularly Brazil, whose harvest dynamics may influence global coffee prices in the second quarter of 2024.