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Cash crops fetch higher export prices
The export prices of a number of cash crops, including rubber, coffee, cacao and pepper, are on the rise due to increasing global demand.
Rubber prices rose to US$3,300 per tonne this month, compared to just $1,200 per tonne at the same time last year, according to Viet Nam Rubber Association general secretary Tran Thi Thuy Hoa.
Dwinding global supplies and rising demand were expected to continue driving up prices this year, Hoa said, noting that the association's member companies had boosted production to profit from the rising demand.
As a consequence, rubber exports reached 76,300 tonnes in the first two months of the year, worth a total of $192.7 million. Export volume was comparable to the same period last year, but value had increased by a dramatic 87 per cent due to the higher prices.
The rubber industry has projected that exports will total $1.5 billion by the end of the year, on a volume of 770,000 tonnes, Hoa said.
Coffee bean prices have also risen, reaching $1,290 per tonne at Sai Gon Port, according to the Viet Nam Coffee and Cacao Association. Meanwhile, domestic prices have also climbed by VND2,000/kg in the past week alone, to VND24,600/kg ($1.30).
Domestic cacao prices have also surged by VND20,000/kg compared to the same time last year, reaching VND54,400/kg.
The export value of pepper in the first quarter of this year rose by 1.5 per cent compared to the same period last year, reaching $66 million, even though export volume declined by 15.5 per cent during the period, to just 23,000 tonnes, according to the Viet Nam Pepper Association.
The discrepancy was due to export prices that have jumped by as much as $200 per tonne in the past month, hitting $2,900 per tonne for black pepper and $4,200 per tonne for white pepper, the association said.
Meanwhile, domestic prices for black pepper have hit a two-year high of VND52-54,000/kg (Around $2.75).
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