The US spent up to 4.68 billion USD importing coffee in the first 6 months of the year. This country buys a large amount of coffee from Vietnam but at the lowest price.
Statistics from the United States International Trade Commission, in the first half of this year, this country’s coffee imports reached 833.96 thousand tons, worth 4.68 billion USD, up 5.4% in volume and increased 51.3% in value over the same period in 2021.
The average import price of US coffee reached $5,615/ton, up 43.5% over the same period in 2021. Among the main sources, the average import price of US coffee recorded the highest increase since Brazil (up more than 68%) and the lowest increase from Vietnam (up 29%).
Brazil and Colombia are the two main coffee suppliers to the US, Vietnam ranked 3rd. In the first 6 months of 2022, the US spent 168 million USD importing nearly 71,000 tons of coffee from Vietnam, up 7.8% in terms of volume and an increase of 39.1% in value over the same period last year. Vietnam’s coffee market share in total US imports increased from 8.32% to 8.51%.
However, statistics also show that American coffee imported from Vietnam has the cheapest average price, only 2,367 USD/ton. While, the average import price from Brazil is 4,124 USD, in Colombia 6,115 USD, Guatemala and Honduras are 6,000 USD and 5,671 USD/ton, respectively, imported from other markets at the price of 7,333 USD/ton.
Information from the General Department of Customs, Vietnam is exporting 3 types of coffee to the US including Robusta, Arabica and processed coffee. In which, Robusta coffee accounts for an overwhelming proportion up to 49,758 tons, but the average price is only 1,960 USD/ton. Arabica coffee has an average export price of up to 4,474 USD / ton, but the volume exported to the US is quite modest just over 7,000 tons.
By the end of July this year, our country’s coffee exports reached 1.13 million tons, earning 2.56 billion USD, up 17.3% in volume and 43.6% in value over the same period. in 2021. The average export price was at 2,261 USD/ton, up 22.5% over the same period.
According to the Vietnam Coffee and Cocoa Association, the export price of coffee in the last months of the year will continue to go up because the supply in the people has been exhausted, and businesses have less than 500,000 tons for export. If the export price of coffee stays at the same high level as in the first half of the year, the coffee industry can set a record turnover of $4 billion this year.