Coffee exports to Indonesia and Algeria see 3-digit growth
In the first half of 2023, coffee exports to many markets decreased, but coffee exports to Algeria and Indonesia increased by 3 digits compared to the same period last year.
The Import-Export Department under the Ministry of Industry and Trade cited statistics from the General Department of Customs, saying that in the first six months of 2023, Vietnam's coffee exports reached over 1 million tons, worth USD2.39 billion, down 3.1% in volume, but up 2.3% in value from the same period last year.
In June 2023, coffee exports to many EU member markets decreased compared to the same period last year, including Germany, Italy, Spain and Belgium. In contrast, exports to many markets recorded 2- to 3-digit growth, including the US, Japan, Algeria and the Netherlands.
Generally, in the first 6 months of 2023, coffee exports to Germany, Japan, Spain and Belgium decreased, but exports to Italy, the US, Russia, Algeria, Indonesia and the Netherlands increased from the same period last year.
Notably, coffee exports to the Indonesian market in the first six months of the year reached USD82,079 million, up 161.5% over the same period last year; coffee exports to the Algerian market in the first six months of the year reached USD92,138 million, up 115.1% from the same period last year.
It is forecasted that in the short term, world coffee prices will continue to decline due to the selling pressure of the new crop from the world's largest producer and exporter. However, the rate of decrease will slow down due to concerns about supply shortage and forecast that Vietnam's coffee output in the end of this year's harvest will decrease by about 10%.