Vietnam Coffee Export Hits US$1.3Bln in Jan-July
Vietnam reportedly earned US$1.32 billion from shipping 888,000 tons of coffee abroad in the first seven months of this year, up 102.1 per cent and 56.6 per cent on-year, respectively, according to the Ministry of Agriculture and Rural Development (MARD).
Soaring prices of Vietnamese coffee beans on the global market, at around US$1,530 per ton, are mostly attributed to high export revenue, the ministry said.
In July alone, Vietnamese companies exported 55,000 tons of coffee worth US$91 million, down 10 per cent in volume due to thin supply of coffee at local market. The scarcity is forecast to last till late September when the upcoming coffee harvest starts.
Coffee is now the biggest foreign currency earner among Vietnam’s agricultural products.
Experts from the MARD, however, warned that Vietnam may have to import coffee beans for re-exports, which will cost Vietnamese enterprises higher than earnings they can fetch from their outbound shipments.
With its coffee being shipped to 71 countries and territories worldwide, Vietnam has become the world’s largest Robusta coffee producer and exporter, making up 43 per cent of the global market share. (Vietnam & World Economy)
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