Friday , June 21 2024

Coffee bean prices rise to record levels


Coffee prices have soared past VND67,000 (US$2.85) per kilogram, the highest ever levels.

Prices of raw coffee in the Central Highlands region, the country’s largest coffee-growing area, have increased by VND3,000-5,000 per kilogram since last week to VND67,200 in Dak Nong and VND64,000-65,000 in Lam Dong and Kon Tum.

Data from the Vietnam Coffee and Cocoa Association shows that the prices are up by 70% since January and 50% since last June.

Coffee processors said they are struggling to cope with the high prices.

Nguyen Duc Hung, the founder of Napoli Coffee, told VnExpress that his company is trying to cut other costs to keep the prices of roasted and instant coffee products unchanged even as the difficult economic situation takes a toll on sales.

Nguyen Van Liem, a coffee trader in Lam Dong, said: “The 2022-23 harvest will take place from October to December, but according to surveys among growers, the output will drop by 20-50% this year.”

Hai, a coffee farmer in Kon Tum, said the harvest in her one-hectare plantation could decrease by 20% this year because the prolonged heat wave has affected flowering and fruiting.

“Last year my farm yielded 23 tons of coffee fruits, equivalent to some 5.5 tons of beans or raw coffee. This year the output may drop to 18 tons.”

The association has estimated the coffee output to decrease by 10-15% from the previous crop to 1.47 million tons.

The decline is also because many farmers have switched to other crops such as durian and avocado for higher profits, it added.

According to the latest report from the Ministry of Agriculture and Rural Development, Vietnam exported 882,000 tons of coffee worth over $2 billion in the first five months of this year, down 2.2% year-on-year in volume terms but unchanged in value.

Last year the country 710,000 ha under coffee, 91.2% of them in the five Central Highlands provinces, and an output of 1.84 million tons.

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