Vietnam's Robusta Coffee Export Prices Recover

Export price of Vietnamese robusta coffee has rebounded since early September, standing at US$1,660-1,670 a ton, up 4.3 per cent from late of August and by 23 per cent compared with that last year, state media reported Friday.

 

The price is forecast to continue soaring in the coming time as robusta coffee supply by Vietnam is likely to decrease by 10-15 per cent in the next harvest in addition to global shortage of four million packages.

 

Meanwhile, the domestic price of bean is also showing signs of strong fluctuations. September 19, one kg of coffee beans was sold at VND26,900, VND1,000 higher than that of earlier this month but VND500 lower than that of two days before.

 

One ton of coffee exported under FOB (free on board) in Ho Chi Minh City dropped to US$1,785 September 19 from US$1,815 September 18.

 

However, the price was still almost 10 per cent higher than that by the end of August when Vietnam was estimated to export 932,000 tons of coffee for US$1.4 billion, on-year increase of 49.17 per cent in export volume and 93.79 per cent in export value.

 

Vietnam is forecast to harvest about 15 million bags in its next crop, which starts in October, the country's Coffee and Cocoa Association said September 13. One bag weighs 60 kilograms (132 pounds). Global coffee production will be 121 million bags this year, surpassing consumption by 1 million bags, according to the London-based International Coffee Organization. (Vietnam & World Economy)