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