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Vietnam Coffee Prices
The sharp increases in coffee prices were a result of the diminished volume of coffee traded on the world market this year.
While analysts forecast coffee prices would fall during harvest in Indonesia and Brazil in April and May, Vietnamese coffee exporters and growers will still turn a profit, said the Vietnam Coffee and Cacao Association (Vicofa).
Director of one of the companies expressed his optimism, saying that coffee prices could fall, but not below $920 per tonne, as demand was predicted to exceed supply this year.
The purchase price of raw coffee in the domestic market ranges from US$1,196 to $1,259 per tonne, while export prices are over $1,200 per tonne, the highest level for the past six years.
The sharp increases in coffee prices were a result of the diminished volume of coffee traded on the world market this year, equivalent to two-thirds of last year's figure, benefiting coffee exporters and growers, said director of the Import Company.
According to Vicofa, coffee was currently the second key agricultural product after rice in Vietnam. Its export revenue accounted for approximately 10% of the nation's total annual export value.
The biggest consumers of Vietnamese coffee include the US, Belgium, Germany, Spain, Italy, France, Japan and South Korea. Vietnam this year hoped to generate $750mil from coffee exports, up 10% from last year, reported the Ministry of Trade.
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