Coffee price today November 2, 2024: Sharp decrease of 1,500 VND/kg
Today's domestic coffee price, November 2, is at 107,300 - 107,700 VND/kg, down sharply by 1,500 VND/kg compared to yesterday. Coffee prices on the two international exchanges have dropped sharply.
Domestic coffee prices today
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 107,300 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 107,700 VND/kg. In Ea H'leo district (Dak Lak), Buon Ho district (Dak Lak), the coffee price today is purchased at the same level of 107,600 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 107,700 VND/kg in Gia Nghia and 107,600 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 107,600 VND/kg (Chu Prong), in Pleiku and La Grai the price is 107,500 VND/kg.
Today's coffee price in Kon Tum province is purchased at 107,600 VND/kg.
Vinh Hiep Company Limited (Gia Lai) has risen to become the largest coffee exporter in Vietnam with a turnover of more than 520 million USD. Meanwhile, Trung Nguyen Group, a big name in the coffee industry, only ranked 16th in the list of Vietnamese coffee exporters. According to the Vietnam Coffee and Cocoa Association (VICOFA), the coffee export turnover report for the 2023-2024 crop year shows that Trung Nguyen achieved an export value of 114 million USD.
In the 2023-2024 crop year, the total coffee export output will reach about 1.45 million tons, of which robusta coffee accounts for more than 1.2 million tons. Coffee export turnover in the last crop year reached more than 5.4 billion USD, making a positive contribution to the economy. Although the output of the last crop decreased by 12.7%, thanks to high coffee prices, the export value still increased impressively by 33%.
According to VICOFA, this is the highest turnover ever in the history of Vietnam's coffee exports. Vietnamese coffee is now exported to more than 80 countries and territories, with Europe accounting for about 48% of the market share, Asia 21% and the US 6%, showing the development and global coverage of Vietnamese coffee.
World coffee prices today
At the end of the most recent trading session, the price of Robusta coffee in London for November 2024 delivery decreased by 85 USD/ton, at 4,284 USD/ton, and for January 2025 delivery decreased by 67 USD/ton, at 4,214 USD/ton.
Arabica coffee prices for December 2024 delivery decreased by 3.60 cents/lb to 242.30 cents/lb, and for March 2025 delivery decreased by 3.65 cents/lb to 241.85 cents/lb.
According to the Brazilian Institute of Geography and Statistics (IBGE), coffee output in Brazil - the world's largest coffee producer - is estimated to reach nearly 3.6 million tons in the 2024-2025 crop year. This figure is up 4.8% compared to the previous crop year thanks to an average yield increase of 3.6% and a 1.2% increase in planting area. Of which, Arabica coffee output is estimated at 2.5 million tons, up 6.5%; and Conilon output is about 1.06 million tons, 0.5 to 0.6 million tons lower than Vietnam due to a 3.3% decrease in area and a 1.1% decrease in productivity.
According to the International Coffee Organization (IOC), Brazil's coffee exports in the first two months of the 2024-2025 crop year (July and August) reached 451,000 tons, up nearly 12%, with a turnover of nearly 1.9 billion USD, up 39% over the same period last year. Of which, robusta coffee exports reached nearly 110,000 tons, up 53%; arabica reached 294,000 tons, up 2.5%, and the rest was instant coffee.
Favorable weather in Brazil and pressure from the new harvest in Vietnam have led to a sharp decline in the world coffee market. Looking back at October 2024, domestic coffee prices in Vietnam have continuously decreased, losing an average of 14,000 VND/kg.
