Vietnam’s coffee export revenue is estimated to reach a new record of $6 billion this year, according to analysts.

The forecast was made basing on the optimistic signals from coffee exports in the first five months of the year with 833,000 tons of coffee being shipped, earning $2.9 billion, according to the General Department of Vietnam Customs.

The figures represent a year-on-year increase of 3.9% in volume and 43.9% in value.

The average export price of Vietnamese coffee was estimated at $3,482 per ton, a year-on-year rise of 49.9%.

The global coffee prices, however, have started to reduce slightly due to rising supply from Brazil.

At the international trading floor, Robusta on the London floor slightly dropped by $15-22 per ton to $3,749-4,148 on June 20. Similarly, Arabica on the New York floor was down by 0.9-1.5%.

However, some experts forecasted that the global coffee prices would surge again in the fourth quarter of 2024 when Brazil’s coffee crop season ends and Vietnam starts its new crop season.