Trang chủ / / Agrinews

COVID-19 causes coffee prices to tumble to record 10-year low

COVID-19 causes coffee prices to tumble to record 10-year low
Tác giả: VOV
Ngày đăng: 27/05/2020

The first quarter of the year saw the country export 474,000 tonnes of coffee worth US$801 million, a year-on-year decline of 3% in volume and 5.6% in value, according to figures released by the Agro Processing and Market Development Authority (Agrotrade) under the Ministry of Agriculture and Rural Development.

Among the largest consumers of the Vietnamese coffee, Germany, the United States, and Italy lead the way with the average export price throughout the reviewed period dropping by 2.8% to $1,692 per tonne on-year.

The Agrotrade notes that March saw the domestic coffee market experience wild fluctuations in terms of price, matching the trends seen in the global market. Evidence for this can be seen in the price of Robusta coffee from provinces in the Central Highlands which endured a fall of up to VND800 per kilo to approximately VND30,700 per kilo compared to February.

Elsewhere, the domestic price of Robusta coffee plummeted to a record 10-year low, causing enterprises to face a shortage of supply sources for export as coffee growers began to limit sales in order to bring the price under control.

The price of coffee is not expected to immediately recover as import and export activities have been suspended due to the increasingly complicated developments relating to the novel coronavirus (COVID-19) which has forced many freight forwarding ports to close, according to insiders.

Moreover, there has been lower levels of coffee consumption with firms lacking purchasing power as a result of the COVID-19. This is especially true due to the imposition of trade restrictions by major markets such as the EU and the US, which has caused heavy losses for the coffee industry, especially growers.


Có thể bạn quan tâm

Price of Price of "black gold" reversed due to difficulties in its exports

After increasing in the first quarter of 2021, the price of Vietnamese pepper has decreased since the beginning of April.

14/06/2021
Di An city to improve the quality of urban agriculture Di An city to improve the quality of urban agriculture

With the aim of make more efficient use of land resources, improve production values and incomes of farmers

14/06/2021
In search of measures for elevation of farm produce brand-name positions In search of measures for elevation of farm produce brand-name positions

Dau Tieng district People’s Committee has just summed its One Commune One Product (OCOP) 2020 and proposed orientation and tasks for 2021

14/06/2021
Vietnam’s potential to drive agri-food recovery ranks second highest in the region Vietnam’s potential to drive agri-food recovery ranks second highest in the region

As a key pillar of the national economy, Vietnam’s agri-food sector remained resilient during the COVID-19 pandemic

15/06/2021
Exports of mango, guava and mangosteen to Russia soar Exports of mango, guava and mangosteen to Russia soar

Việt Nam was the fourth largest supplier of mango, guava and mangosteen to Russia in January this year, reaching 226 tonnes, worth US$807,000, up 114 per cent

15/06/2021