Vietnam Ships 40,000 Tons of Coffee in First 10 Days of March
Vietnam, the world’s largest producer of robusta beans, exported 40,000 metric tons of coffee in the first 10 days of March, Dutch coffee trader Nedcoffee BV said.
February shipments totaled 83,944 tons, while stockpiles at the end of February were 262,465 tons, Nedcoffee, which has offices in Vietnam, said in an e-mailed report.
Vietnam exports were forecast to reach 90,000 tons in February, according to figures released by the General Statistics Office in Hanoi, the capital, on Feb. 25. Exports may rise 9.4 percent to 1.28 million tons this calendar year, the Ministry of Agriculture and Rural Development said Feb. 9.
The price of coffee in Vietnam has risen as high as 46,500 dong ($2.23) a kilogram, surpassing a record in 1994, Thoi Bao Kinh Te Vietnam newspaper reported March 7 without saying where it got the information.
“Due to this high price of coffee, financial difficulties appear, so most of the coffee exporters in the country have only bought and exported about 30 to 40 percent of the annual plan for 2010-11,” Nedcoffee said in the report.
Robusta coffee for May delivery rose $109, or 4.4 percent, to $2,596 a ton at 2:13 p.m. on NYSE Liffe in London. Prices earlier today reached $2,615, the highest level since March 13, 2008.
Robusta, used in instant coffee and espresso, is harvested mostly in Asia and parts of Africa. The arabica variety is grown mainly in Latin America and favored for specialty beverages such as those made by Starbucks Corp.
To contact the reporter on this story: Isis Almeida in London at Ialmeida3@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at Ccarpenter2@bloomberg.net.
Rate this Page