Category: Forex News, News

Coffee output in 2023-2024 crop forecast to fall 20%

By Published On: June 15, 20241.3 min readViews: 1360 Comments on Coffee output in 2023-2024 crop forecast to fall 20%
The Ministry of Agriculture and Rural Development said that Vietnam’s coffee output in the 2023–2024 crop year is estimated to decrease by 20% compared to the previous crop year, to 1.47 million tonnes, the lowest in four years, putting pressure on Robusta supply in the world market.

Hanoi (VNA) – The Ministry of Agriculture and Rural Development said that Vietnam’s coffee output in the 2023–2024 crop year is estimated to decrease by 20% compared to the previous crop year, to 1.47 million tonnes, the lowest in four years, putting pressure on Robusta supply in the world market.

Due to the impact of climate change, the dry season comes earlier than usual in Vietnam, and prolonged hot weather causes water levels at dams in some provinces to rapidly decrease. Fears that drought could affect crops have caused domestic coffee prices to increase sharply in the past week.

The price of coffee bean in the Central Highlands and southern provinces soared by 1,500 VND (0.059 USD) per kg, bringing the domestic purchase price of coffee bean to 114,500 – 116,000 VND per kg.

Over the past years, coffee prices were low, prompting many farmers to gradually switch to higher value crops. However, this year’s coffee prices are experiencing a record high, and it’s expected to be an opportunity to motivate farmers to restore coffee growing area.

According to the Ministry of Agriculture and Rural Development, Vietnam exported 756,000 tonnes of coffee, earning nearly 2.57 billion USD in the first four months of the year, up 5.4% in volume and 57.9% in value from the same period last year./.

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