Coffee prices opened the new week with a fall of VND800 compared to the previous day (August 11).
The highest price was reported in Dak Nong and Dak Lak provinces, at VND118,500 per kilogramme.
In Gia Lai province, coffee prices decreased by VND800 per kilo to reach VND118,300 per kilo. Similarly, in Lam Dong province, prices dropped to VND117,800 per kilo.
Last week, prices had already experienced a drop, ranging from VND118,600 to VND119,300 (US$4.74-4.77) per kilo.
Vietnamese coffee prices are following the global trend of declining prices. By the end of last week’s trading session, robusta prices on the ICE Futures Europe London exchange plummeted, with September 2024 delivery down by US$110, trading at US$4,326 per tonne. Arabica coffee prices on the ICE Futures US New York exchange have also experienced a downward trend.
Experts predict continued fluctuations in coffee prices, particularly as the European Union introduced stricter controls on the quality of imported goods, including coffee. Brazil’s weather outlook and harvest pressure also impacted global prices.
Despite being the world’s largest exporter of robusta coffee, Vietnam spent US$110 million to import coffee to meet domestic demand and export processing in the past seven months.
In the first seven months of 2024, Vietnam exported 964,000 tonnes of coffee, down almost 14% from the previous year. However, export turnover rose by 31%, reaching US$3.54 billion, thanks to consistently high coffee prices throughout the year.
