Coffee exports expected to earn US$3 billion

10:12 | 30/08/2016 Trade

Vietnam, the world’s second-largest coffee producer after Brazil, exported 1.5 million tonnes of coffee during the 2015-16 period, with a revenue of US$3 billion, according to the Vietnam Coffee and Cocoa Association (VICOFA).

Coffee exports expected to earn US$3 billion

Illustrative image (Source: Dantri)

Statistics from the Ministry of Agriculture and Rural Development show that in the first eight months of 2016, coffee exports of from 1.27 million tonnes fetched US$2.25 billion, up 39.9% in volume and 20.7% in value. Germany and the US were the two biggest importers of coffee from Vietnam during the first eight months of this year, accounting for 15% and 13%, respectively.

According to VICOFA Deputy Chairman Nguyen Nam Hai, instant coffee factories have sprouted in the country as both domestic and foreign businesses have poured into the sector.

Both domestic coffee suppliers and foreign-funded growers have ceaselessly expanded investment in their instant coffee processing plants and have enhanced the quality of their coffee products to expand their markets, Hai said, adding that these plants consumed large volumes of coffee beans and boosted instant coffee exports.

Many foreign-funded growers are pouring money into instant coffee processing factories and, consequently, domestic enterprises need to renovate technologies in order to compete with foreign businesses, he noted.

During the 2014-15 period, Germany and the US were the two largest markets for Vietnamese coffee, with export volumes reaching nearly 201,000 tonnes and more than 145,000 tonnes, respectively./.


Source: NDO