Coffee output to hit a record of 1.32 million tonnes
Vietnam’s coffee output is likely to reach 1.32 million tonnes in the 2011-2012 crop, thanks to favourable climate conditions and expanded cultivated areas, according to Bloomberg.
The Ministry of Agriculture and Rural Development said that coffee-growing acreage has increased by 1.8 percent to 548,200 hectares.
Bloomberg forecast that Vietnam’s coffee exports will rise sharply and prices will continue to fall by 23 percent compared to the highest level in March due to more supply than demand.
The price of robusta coffee rose to $2,672 per tonne on March 18 at the London International Financial Futures and Options Exchange (LIFFE) – the highest over the past three years. However, it hit a record low of $1,996 per tonne on July 21 and then dropped to $2,043 per tonne on September 23.
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