Source: Xinhua
Editor: huaxia
HANOI, Dec. 7 (Xinhua) -- Vietnam's coffee export volume in the 2023-2024 season is likely to be lower than a year earlier due to a drop in output, no carry-over stock and growing local demand, Vietnam News reported Thursday, citing the Vietnam Coffee and Cocoa Association.
Nguyen Nam Hai, the association's chairman, said Vietnam is likely to yield 1.6 million-1.7 million tons of coffee in the new season compared to 1.78 million tons in the previous season due to unfavorable weather and shrinking planting area.
With lower output, depleted stock, and an increase in coffee consumption at home, Vietnam is likely to export 1.4 million tons of coffee in the 2023-2024 crop, lower than that in the 2022-2023 crop, according to the association.
Do Ha Nam, the association's deputy chairman, said that right at the beginning of the 2023-2024 crop year, the price of coffee beans in the domestic market was very high, about 60,000 Vietnamese dong (2.5 U.S. dollars) per kilogram. Such a high price at the beginning of the crop year is also something that has never happened in the history of the Vietnamese coffee industry.
In 2023, there has been almost no coffee from farmers for businesses to buy from June, he said, predicting that in 2024, there may be a shortage of local supply stock from May and even from April.
Official data showed Vietnam exported 1.36 million tons of coffee with a revenue of nearly 3.5 billion U.S. dollars in the first 11 months of 2023
Comments