Coffee prices hit lowest level since 2007: Report

Global price reductions have pushed Vietnamese coffee prices to their lowest level since 2007, Tuoi Tre newspaper reported Friday.

Coffee prices have been sliding for the two past weeks and hit VND21,800 (US$1.22) per kilogram in the Central Highlands province of Dak Lak, the country’s coffee hub, on Thursday, the newspaper said without citing sources.

With that price, on average farmers made VND3.5 million ($196) less in total profits this week compared to last week, the newspaper said.

Coffee exporters that have already bought beans but have yet to ship them suffered heavy losses from the decrease, according to the newspaper.

In the first six months of this year, coffee exports fell 12 percent in value to $1.1 billion compared with the same period in 2008.

thanhnien

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