Import and export of coffee from Vietnam under EVFTA about 0% tax – Helena JSC: Coffee has decreased in the past few years in stores around the world, an optimistic signal about the improvement of coffee exports in 2021.
According to the General Department of Customs, in 2020, the whole country exports 1.57 million tons of coffee, with a turnover of 2.74 billion USD, with an average price of 1,751.2 USD / ton, down 5.6% in volume, down 4.5% in the book. 2% in turnover but a slight increase of 1.4% in price compared to 2019.
Germany is Vietnam’s most prominent coffee consumption market, accounting for 14.3% of the total volume and 12.8% of the country’s total coffee export turnover, reaching 223,581 tons, equivalent to USD 350.41 million. USD, the average price was 1,567 USD/ton, down more than 4% in both volume and value, but up 0.4% in price;
The second is the Southeast Asia market, reaching 160,997 tons, equivalent to 328.36 million USD, down 9.8% in volume and 8.6% in turnover. The US market reached 142,482 tons, equal to 254.89 million USD.
According to the Ministry of Agriculture and Rural Development, coffee inventories at ports worldwide have fallen to the lowest level in many years, which is an optimistic signal that the coffee export market will improve this year. 2021. Driven by the Covid-19 epidemic, all of Vietnam’s main coffee import markets continue to suffer significant damage and social distancing, increasing demand for domestic coffee. In the first months of 2021, coffee exports are forecasted to receive many optimistic signals.
Whether coffee prices recover or not depends significantly on the recovery of the tourism sector after the Covid-19 pandemic. This is a large coffee and coffee consuming industry, providing the tourism industry recovers. The fact that coffee exporters must better take advantage of opportunities from the Vietnam – EU Free Trade Agreement (EVFTA) to promote exports is favorable.
Deputy Minister of Agriculture and Rural Development Le Quoc Doanh said: “With the implementation of the EVFTA Agreement, the EU has eliminated taxes on all unroasted or roasted coffee products (reduced from 7-11). % down to 0%); processed coffee from 9-12% to 0% at the time of entry into force of the Agreement. At the same time, among the 39 geographical indications of Vietnam that the EU commits to protect when the EVFTA officially takes effect, there is one geographical indication on coffee. This is a huge competitive advantage of the Vietnamese coffee industry compared to competitors in the EU market.”
Import and export of coffee from Vietnam under EVFTA to 0% tax – Helena JSC