Vietnam’s coffee export expected to hit 4 billion USD this year

Vietnam’s coffee export turnover is forecast to hit 4 billion USD in 2022, according the Ministry of Agriculture and Rural Development (MARD).

The country raked in 3.1 billion USD from exporting coffee in the first three quarters of 2022, surging by 37.6% compared to the same period last year. 

The ministry attributed the growth to the nearly-22-percent increase in export price. 

The EU remained the largest importer of Vietnamese coffee in the first eight months, with nearly 490,700 tonnes worth 1.1 billion USD, accounting for 39% of the total export volume, and representing year-on-year increases of 27% and over 54% in volume and value, respectively. 

According to the Institute of Policy and Strategy for Agriculture and Rural Development, coffee exports to the European Union countries such as Belgium, Spain, the Netherlands, France, and Portugal increased sharply compared to the same period last year.  

In addition, the export to other markets also recorded impressive growth, including India (up 116%), the UK (57.9%) and Russia (17.3%). Notably, the export volume to Mexico spiked 52 times year-on-year.

The UK is the fifth biggest importer of Vietnamese coffee in Europe, reaching 34.86 million tonnes worth 70.68 million USD in the January-August period, up 57.9% in volume and 84.2% in value year-on-year. Businesses hope that the UK-Vietnam Free Trade Agreement (UKVFTA) will be a lever to further promote coffee export turnover to the UK market in the time to come./.