Vietnamese coffee wins Germans’ hearts
Total coffee export during the first seven months of 2016 reached $2 billion and 1.13 million tons, marking a jump of 18 percent in value and 40 percent in volume.
Germany and the U.S. continue to the top export destinations of Vietnamese coffee two years in a row, accounting for 15.5 percent and 13 percent of the total share.
Exports to some markets including the Philippines, China, Algeria and Russia also saw a significant on-year rise in value over the first seven months of this year.
Vietnam Coffee and Cocoa Association (Vicofa) forecasts the output of Vietnamese coffee in the marketing year of 2016/17 would experience a downfall of up to 25 percent on-year due to the historic drought that ravaged Vietnam's central highlands earlier this year. At the same time, the amount of in-stock coffee may drop 10 percentage points compared to the same period of last year.
The domestic coffee market in July saw an unexpected 12.5 percent surge in the price of the green beans to VND900 ($0.04) per kilogram. Vicofa has blamed the drop in supply on this price hike.
Last year, Vietnam, the world's third largest coffee exporter gained $2.4 billion from exports of green beans, roasted and ground, and instant coffee, data from General Department of Vietnam Customs showed. Vietnamese coffee was exported to 80 markets worldwide last year, with the top destination Germany importing $360 million of coffee, accounting for 13.4 percent of the sector’s total export revenue.
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Tags: coffee export