Coffee prices skyrocket

May 08, 2011 | 08:24

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Coffee exports to major markets have surged between 1.5 to eight times year on year, pushing the input price of coffee beans in Vietnam to VND50 million (roughly $2,400) a tonne.

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A price of $2,500 for 2.5 per cent broken black coffee bean for export was reached at the national coffee bowl of the Central Highlands.

The global price is forecast to continue rising in the next two months since harvests in Brazil and Central America , the world’s major coffee suppliers, will not come until October or November.

Coffee, Vietnam’s second agricultural hard currency earner behind rice, earned the nation $1.4 billion in the first four months of the year, more than double the same period last year.

The Ministry of Agriculture and Rural Development (MARD) reported increases in coffee shipments to almost all foreign markets.

The US is Vietnam ’s largest coffee market, consuming 12.3 per cent of total exports from the world’s top Robusta producer.

VIR/VNA

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