Prices plunge for coffee exports over five months

VOV.VN - Vietnam exported 825,000 tons of coffee worth US$1.602 billion in the first five months of the year, up 1.8% in volume but down 12% in value from a year ago, according to statistics from the General Statistics Office (GSO).

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In the reviewed period, the average price of exported coffee was estimated at US$1,942 per ton, down 13.6% over the same period last year.

According to the Import and Export Department under the Ministry of Industry and Trade, instant coffee exports saw a remarkable 23.5% rise in volume with more than 41,000 tons worth US$160.95 million shipped in the first four months of the year, there was however a 19.6% decline in value.

Although the restructuring of the coffee industry has been largely positive, the value of coffee exports has decreased significantly compared to last year’s corresponding period.

There was a sharp drop in the price of coffee on the domestic market in the first five months of the year.

The price of coffee seedlings fell by VND400-600 to VND35,100-35,500 per kilo over last year,  the lowest level in the past two months.

The Ministry of Agriculture and Rural Development predicts that coffee prices will not rebound in the local market in June as the global supply source looks as if it will remain abundant for the second half of the year.

Weather factors might affect the global supply source in the medium and short-term but will not have a serious impact, says the ministry.

VOV

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