The United Kingdom has seen a significant increase in the average export price of Vietnamese coffee due to a dip in supply. Vietnam, the second-largest coffee supplier to the UK, saw its coffee prices reach USD 3,941 per tonne in the first half of this year, marking a 68.4% increase compared to the same period last year.
Recent data shows that Vietnam’s coffee exports to the UK in June 2024 totaled 2.18 thousand tonnes, valued at USD 9.1 million. This represents a 44.6% decrease in volume and a 17.5% decrease in value compared to June 2023. The reduced supply has significantly driven up prices.
The UK sources its coffee from 94 countries and territories, with primary suppliers including Brazil, Vietnam, Germany, Italy, and Colombia. Statistics indicate that in the first five months of 2024, the UK imported 94.21 thousand tonnes of coffee globally, valued at USD 553 million. This is an 8.1% increase in volume and a 2.6% increase in value compared to the same period last year. The average import price of coffee into the UK was USD 5,870 per tonne, a 5.2% decrease from last year.
Interestingly, while the average import price from Brazil, Germany, and Colombia decreased, the average import price from Vietnam surged by 45.4% to USD 3,378 per tonne.
Brazil remains the largest coffee supplier to the UK in the first five months of 2024, with 37.47 thousand tonnes valued at USD 128.81 million, a 93.8% increase in volume and a 45.1% increase in value. Vietnam, the second-largest supplier, exported 15.33 thousand tonnes valued at USD 51.79 million, reflecting a 22.8% decrease in volume but a 12.2% increase in value.
Vietnam’s share of total UK coffee imports decreased from 22.8% in the first five months of 2023 to 16.27% in the same period this year. The UK has increased coffee imports from Germany and Italy but reduced imports from Colombia this year.
#ITCNewsUpdates #BreakingNews #TradeUpdate #InternationalNews #CoffeeMarket