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Domestic coffee prices register dramatic increase
Central Highland coffee bean prices in the provinces of Dak Lak, Lam Dong, Gia Lai and Daêk Nong jumped on Mar. 10 by VND3.3 million to VND49.1-49.2 million per tonne in the past two days, according to local farmers.
Luong Van Tu, Chairman of Viet Nam Coffee and Cacao Association, said the sharp increase in coffee prices on the domestic market was due to high prices on the world market.
Meanwhile, the International Coffee Organisation (ICO) has predicted a low coffee output of 133.7 million bags due to a poor Indonesian crop, pushing up global prices, he said.
Export prices for Vietnamese coffee also rose at Sai Gon Port to a record high of US$2,430-2,450 per tonne.
Traders said many farmers had reduced the volume of coffee on sale in order to help squeeze prices even higher, meaning little product would be available for export.
However, coffee for export for this month was expected to increase by 22 per cent against last month due to 345,000 tonnes stockpiled at warehouses, traders said.
In the first two months of this year, Viet Nam exported 235,300 tonnes, earning $462.8 million. The exports had a year-on-year increase of 6 per cent in volume and 47 per cent in value.
The association expected the total coffee export value to reach $2 billion this year, up from $1.7 billion last year, due to high export prices.
Festival
A coffee industry trade fair and exhibition opened yesterday in Dak Lak Province as part of the third Buon Ma Thuot Coffee Festival.
About 650 booths representing 155 companies operating in coffee processing and making and other products are taking part in the fair. A variety of coffee products are being featured at 295 of the booths.
Other products being introduced at the exhibition include art works made from coffee trees; coffee assembly lines; technology and equipment; fertiliser; coffee research; coffee growing methods and charts featuring Buon Ma Thuot coffee development and origin.
The function is also holding trade promotion activities in order to boost Viet Nam's coffee exports and help develop the industry in Dak Lak and the entire country.
It will also provide a venue to help coffee processors and manufacturers from supporting industries to co-operate.
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