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Coffee exports soar with spike in global demand
Rising global demand has pushed the price fetched by Vietnamese coffee exporters to its highest level in two recent years, according to the Viet Nam Coffee and Cocoa Association.
The price of coffee exported from Central Highland provinces stood at about VND30.2 million (US$1,550) per tonne, the association announced on Monday.
Coffee exports in September totalled $100 million, on a volume of 700,000 tonnes.
Export value in the first nine months of the year reached $1.32 million, an increase of just 0.9 per cent over the same period a year ago, while volume only climbed to 925 million tonnes, an increase of 4.2 per cent.
These results exploded expert predictions at the beginning of the year that total coffee exports in 2010 would struggle to reach VND1 billion ($50,000) due to low global prices.
Germany has become the leading importer of Vietnamese coffee, buying up 13.5 per cent of total Vietnamese coffee exports. The US, the Philippines and Russia are also leading markets.
Coffee growers, meanwhile, hope to harvest over a million tonnes of coffee before the end of the year, a yield 2.5 per cent higher than last year's. Global yield so far in 2009-10 has totalled only 1.26 million tonnes, contributing to the spike in prices, with global exporters shipping only 78.5 million tonnes between October 2009 and July of this year.
An expert from the Viet Nam Coffee and Cocoa Association, Doan Trieu Nhan, expected prices to remain stable through the end of the year at around $1,700-1,800 per tonne.
vietnamnews
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