Coffee price today December 7, 2024: Strong increase again
Today's domestic coffee price on December 7 is at 118,500 - 120,200 VND/kg. It continues to increase sharply from 5,000 to 5,700 VND/kg. Vietnam's coffee exports are expected to reach more than 5.5 billion USD by 2024.
Domestic coffee prices today
Specifically, today's coffee price in Dak Lak increased by 5,500 VND/kg compared to yesterday, reaching 120,000 VND/kg.
Coffee prices today in Lam Dong also increased by 5,000 VND/kg compared to yesterday, reaching 118,500 VND/kg.
Similarly, today's coffee price in Gia Lai increased by 5,700 VND/kg compared to yesterday, reaching 120,000 VND/kg.
Coffee prices today in Dak Nong remain at their highest level, up 5,500 VND/kg compared to yesterday, reaching 120,200 VND/kg.
Vietnam's coffee export industry is making strong progress and is expected to reach a turnover of more than 5.5 billion USD by 2024, the highest level ever. This is a great achievement, affirming Vietnam's position in the world coffee market.
According to the Vietnam Coffee and Cocoa Association, the country has exported coffee to more than 80 countries, including 10 markets with a turnover of over 100 million USD.
The European Union (EU) will remain Vietnam’s largest coffee export market in the 2023-2024 crop year, with a value of up to 2 billion USD, up 41% compared to the previous crop year. The EU accounts for about 38% of Vietnam’s coffee exports and 37% of the turnover, showing the importance of this market to the Vietnamese coffee industry.
Vietnam is currently the world's largest producer of Robusta coffee and the second largest exporter, after Brazil. The market share of Vietnamese coffee is increasingly recognized by the world.
However, the current sharp increase in coffee prices is mainly due to limited supply and high demand, especially when some major exporting countries such as Vietnam and Brazil are affected by drought.
World coffee prices today
At the end of the most recent trading session, the price of Robusta coffee in London for November 2024 delivery increased by 160 USD/ton compared to yesterday, at 5,055 USD/ton, and for January 2025 delivery increased by 142 USD/ton compared to yesterday, at 5,015 USD/ton.
Arabica coffee prices for December 2024 delivery increased by 7.85 cents/lb compared to yesterday, at 321.35 cents/lb, and for March 2025 delivery increased by 7.20 cents/lb compared to yesterday, at 318.50 cents/lb.
According to a recent report by the International Coffee Organization (ICO), the global coffee price index (I-CIP) in November averaged 270.7 US cents/pound, up 8% from the previous month and up 67.6% from the same period last year.
The price increase was largely driven by concerns about global coffee supplies, especially after Tropical Storm Sara caused severe damage in Central American countries in mid-November.
