Business

Domestic coffee prices at record high

New records have continuously been set in the prices of coffee in Central Highlands localities recently, now standing at over 90,000 VND (3.65 USD) per kilo.
Domestic coffee prices at record high ảnh 1On March 13, 2024 they ranges from 91,000-92,000 VND per kilo (Photo: VNA)
Hanoi (VNA) – New records have continuously beenset in the prices of coffee in Central Highlands localities recently, now standingat over 90,000 VND (3.65 USD) per kilo.

On March 13, they ranged from 91,000-92,000 VND perkilo, which doubled those in the same period last year, and rose 30% over late2023.

According to insiders, strong growth in exports has been amajor factor leading to the domestic price hikes.

The Ministry of Agriculture and Rural Development (MARD) said that Vietnamexported 438,000 tonnes of coffee in the first two months of this year for 1.38billion USD, a rise of 27.9% in volume and 85% in value over the same periodlast year.

In the first five months of the 2023-2024 coffee crop,Vietnam has shipped abroad 764,802 tonnes of coffee with a revenue of 2.36billion USD, up 1.5% in volume and 39.4% in value compared to the same periodof last crop.

Largest markets of Vietnamese coffee include Germany,Italy, Japan, and Spain.

Le Duc Huy, General Director of Simexco Daklak, said that theworld's demand for Vietnamese Robusta coffee is high, while the domestic supplyis lower than in previous years.

The Vietnam Coffee Cocoa Association (Vicofa) estimatedthat the coffee output in the 2024-2024 crop drops about 10% compared to theprevious crop due to shrunken farming area, while inventories from theprevious crop is at the lowest in many years and equivalent to one-third of that in the previous crop. Thishas led to a supply shortage, it said.

The MARD said that ICE-monitored Robusta coffee inventories asof the end of February continued to decline to a record low of 19,600 tonnes(326,667 sacks of 60 kilos), the lowest since 2014.

The International Coffee Organisation predicted that the coffee production ofIndonesia will fall 16.6% in the 2023-2024 crop due to prolonged rains.

Meanwhile, Brazil’s coffee output in the 2024-2025 crop (from July 2024 to June2025) is forecast to rise 4.2%.

Despite the high prices, experts warned farmers to carefullychoose the appropriate time to sell their coffee as it is tough to give anyforecast in coffee price fluctuations, which means coffee prices may continueto set new records or slump./.
VNA
#Central Highlands localities #prices of coffee #Vietnamese coffee #Vietnam #Vietnam news #Vietnam News Agency
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