Vietnam, the largest producer of Robusta coffee beans in the world, is expected to experience a decline in coffee exports for the 2022/2023 crop year. The decrease is mainly attributed to a reduction in coffee plantations and coffee bean stocks.
According to the President of Intimex Group, a state-owned agricultural export company, and the Vice President of the Vietnam Coffee and Cocoa Association, the country will collect approximately 1.47 million tonnes of coffee beans in the upcoming crop year, representing a 10-15 percent decrease from the previous year. As coffee farmers shift their focus to more profitable fruits, Vietnam’s coffee bean stocks have also been depleted.
Data from the National Statistical Office revealed that Vietnam’s coffee exports for January and February were at 323,000 tons, a 13.1 percent decrease compared to the previous year. Furthermore, revenue from coffee exports during the same period amounted to US$703 million, representing a 14.6 percent decrease compared to the previous year.
Despite the expected decrease in coffee exports, Vietnam recorded a record US$3.9 billion in coffee export earnings last year from 1.7 million tonnes of coffee exports. The country has set a target of exporting coffee worth US$6 billion by 2030.
In conclusion, Vietnam’s coffee industry is facing a decline in coffee exports for the 2022/2023 crop year. The country’s coffee plantations and bean stocks are decreasing due to a shift towards more profitable fruits. However, Vietnam remains optimistic about the long-term potential of its coffee industry.