Vietnam, a major coffee supplier to the United Kingdom, has experienced a dramatic increase in coffee export prices in the first half of 2024. The General Department of Customs reports that the average export price of Vietnamese coffee reached $3,941 per ton, reflecting a substantial 68.4% rise from the previous year.
This price hike comes as export volumes fall. In June 2024, Vietnam shipped 2,180 tons of coffee to the UK, valued at $9.1 million. This marks a 44.6% drop in volume and a 17.5% decrease in value compared to June 2023. The sharp decline in volume has propelled prices upward.
The UK imports coffee from 94 countries and territories, with Brazil, Vietnam, Germany, Italy, and Colombia being key suppliers. Despite varying export volumes, Vietnam remains a significant player in the UK coffee market.
Data from the International Trade Centre (ITC) reveals that the UK imported 94,210 tonnes of coffee, valued at $553 million, in the first five months of 2024. This shows an 8.1% increase in volume and a 2.6% rise in value compared to the same period last year. Interestingly, the average import price of coffee into the UK dropped by 5.2% to $5,870 per ton.
Vietnamese coffee’s average import price surged by 45.4% to $3,378 per ton, indicating strong demand despite higher costs. In contrast, import prices from Brazil, Germany, and Colombia fell.
Brazil leads as the top coffee supplier to the UK, delivering 37,470 tons worth $128.81 million, a 93.8% increase in volume and a 45.1% rise in value. Vietnam follows, with 15,330 tons valued at $51.79 million. Despite a 22.8% drop in volume, the value of Vietnamese coffee exports to the UK increased by 12.2% from the same period last year.
Vietnam’s share of total UK coffee imports decreased from 22.8% to 16.27%, as the UK boosted imports from Germany and Italy while reducing those from Colombia.
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