Vietnam posts 78.9 pc growth in coffee export value to Spain

Vietnam posts 78.9 per cent growth in coffee export value to Spain, Illustrative image (Photo: VNA)

Hanoi – Vietnam was Spain's largest supplier of coffee by volume in 2022, with 113,550 tonnes worth 269 million EUR (287 million USD), up 21.6 per cent in volume and 78.9 per cent in value against 2021.

The Ministry of Industry and Trade (MoIT)'s Import-Export Department cited statistics of the Statistical Office of the European Communities (EUROSTAT) as saying that the market share of Vietnamese coffee in Spain's total imports from the global market accounted for 30.16 per cent in 2022.

Statistics compiled by the department indicate that Vietnam exported 342,300 tonnes of coffee in the first two months of the year, earning 745.28 million USD, down 7 per cent in volume and 9.5 percent in value year-on-year.

In February alone, the country shipped abroad over 200,000 tonnes of coffee worth 434.9 million USD to foreign markets, up 40.3 per cent in volume and 40.1 per cent in value compared to the previous month.

Notably, in the January-February period, Vietnam's coffee exports to almost traditional markets increased. The country recorded 2- to 3-digit growth rates to markets such as Algeria, the Netherlands, Mexico, Russia, and Italy.

According to the department, Spain is the 8th largest trading partner of Vietnam in the EU, and the 8th biggest importer of Vietnamese goods.

Last year, the two-way trade between Vietnam and Spain hit 3.54 billion USD, 13 per cent higher than that recorded in 2021. This was the highest growth rate ever.

The two countries have witnessed the sound development of bilateral relations and there is a bright prospect for the two sides to further expand their relationship, especially in economic, trade, and investment cooperation.

Spain's coffee sector is forecast to grow by 6.84 per cent in the 2022-2025 period, therefore there is ample room for Vietnamese coffee exporters to exploit the European market.

Vietnamese localities and business associations have been advised to coordinate with the Vietnam Trade Office in Spain in organising seminars to introduce potential business and cooperation opportunities for businesses, exporters and importers of the two countries.

Export businesses need to improve and maintain the quality and brand value of their products in the Spanish market, the office said.

Vietnamese coffee industry to go global Though COVID-19 has brought challenges to the coffee industry, businesses can nevertheless seek to adapt by exploring innovative and value-added ideas for Vietnamese coffee.

Vietnam's coffee exports to RoK likely to increase Vietnam’s coffee exports to the Republic of Korea (RoK) are forecast to grow in the near future as the RoK’s demand for the product has been on the rise, according to experts.

Coffee exporters squeezed with rising expenditures Coffee exporters are enjoying little benefit from current high prices as freight costs and other factors impact their overall operations.

Coffee export turnover exceeds 2 billion USD in five months Vietnam shipped 889,000 tonnes of coffee overseas for more than 2 billion USD in the first five months of 2022, up 24.2 and 54 percent year on year, respectively.