The coffee industry faces pressure from global uncertainties and rising inflation in major markets after achieving a record export value in the 2021-22 crop year. (Photo: VNA)Hanoi (VNS/VNA) — The coffee industry faces pressurefrom global uncertainties and rising inflation in major markets after achievinga record export value in the 2021-22 crop year.
Statisticsfrom the General Department of Customs show that Vietnam exported 1.42 milliontonnes of coffee in the first ten months of this year, a rise of 10.8% over thesame period last year.
Exportrevenue increased strongly by 33.7% to reach 3.22 billion USD. Coffee exportprices averaged 2,283 USD per tonne, up by 21.2%.
Vietnamhad a good coffee crop with strong prices in 2021-22, according to the Ministryof Agriculture and Rural Development.
Statisticsfrom the Vietnam Coffee Cocoa Association (VICOFA) show that a total of 1.68million tonnes of coffee were exported in the 2021-22 crop, worth more than 3.9billion USD, a record revenue so far.
Germanywas the largest coffee export market of Vietnam with 216,000 tonnes, followedby Italy with 139,000 tonnes, the US with 126,000 tonnes, Belgium with 120,000tonnes and Japan with 111,300 tonnes.
Instantand ground coffee exports totalled 92,000 tonnes, worth 598.2 million USD inthe 2021-22 crop.
VICOFAPresident Nguyen Nam Hai said that Vietnam is gradually increasing the exportof processed coffee and reducing dependence on raw coffee exports, openingpositive prospects for the coffee industry.
Underpressure
VICOFAsaid that the 2022-23 crop is entering the harvest season in the context ofglobal uncertainties, rising inflation risk and unstable logistics, which arecreating pressure on the coffee industry.
Globalcoffee prices are dropping from early November as better weather helpsreplenish dwindling supplies.
Accordingto a story published by multimedia financial services company Motley Fool,Brazil expects its coffee production to grow by at least 8% next year.
Vietnam,the world’s second-largest coffee exporter, also expects a healthy crop.
ICOforecast Brazil and Vietnam would supply 100 million bags or meet 60% of theglobal coffee consumption demand in the 2022-23 crop./.
