Coffee export prices reach highest level in 16 years
Wednesday, 31/01/2024 14:33 (GMT+7)
Robusta coffee prices hit a 16-year peak with an increase of 4.51% in the last week of January due to prolonged tensions in the Red Sea and inventories returning to record lows, in addition to information about concerns about short-term supply shortages, according to the Ministry of Industry and Trade.
“The prolonged Red Sea conflict, increasing shipping costs, changes in ship arrival schedules like opportunities for Vietnamese farmers to sell coffee at high prices, caused shortage of local supply,” said a coffee export business.
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| Coffee prices hit a 16-year peak. (Photo: VNA) |
For the domestic market, prices of green coffee in the Central Highlands and Southern provinces is currently adjusted up by 400 - 500 VND per kg. Domestic coffee is currently purchased around more than 76,000-77,000 VND per kg.
In 2024, it is forecast that prices of Robusta coffee in the world market will not decrease until the end of the first half of the year, and prices of Arabica coffee cannot decrease because standard inventories are still very low.
In addition, the weather is not favorable in Brazil’s coffee growing regions, so this year the Ministry of Industry and Trade forecasts that coffee exports will continue to set a new record, export turnover could reach 4.6-5 billion USD.
Vietnamese coffee is present in more than 70 countries and territories. Vietnam is the second largest coffee exporter in the world, after Brazil./.
BTA