The export price of Vietnamese coffee in the 2022-2023 crop reached a three-decade high of $2,682 per ton, according to Chairman of the Vietnam Coffee Cocoa Association (VICOFA) Nguyen Nam Hai.

The crop lasted from October 2022 to September 2023.

The coffee price in the domestic market also posted a record high of VND70,000 ($2.9) per kilo during the period. The average price is now VND61,000 ($2.54) per kilo, a year-on-year increase of 68 per cent.

However, a shortage of domestic coffee supply has resulted in a decline in coffee export. Figures from the General Department of Vietnam Customs show that Vietnam exported over 43,000 tons of coffee in October, down 48.8 per cent compared to the same period last year.

Coffee export revenue was estimated at $157.55 million, a year-on-year decline of 28 per cent.

The figures bring total coffee exports in the first ten months of the year to nearly 1.3 million tons and revenue to nearly $3.3 billion, down 11 per cent and 1.2 per cent in value, respectively, against the same period last year.

Vietnam ranks sixth in the world in terms of coffee cultivation area, with over 710,000 ha, but has the second-highest output, with 1.75-1.85 million tons annually.