New coffee season off to a good start
Considering the fact that, only two months ago, Vietnam’s coffee reserves were at their lowest since 2011, the country’s new coffee season has been auspicious – a thriving harvest and price hike in coffee from October (when coffee season began) will help boost Vietnam’s coffee exports by at least 14 percent this month, reports Reuters.
Vietnam is expected to export between 120,000-150,000 tonnes (2-2.5 million bags) of coffee in November. Last month, coffee exports increased 72 percent from the year before, yielding a record high volume of more than 30 million bags. This is because domestic prices were the highest they’ve been in 16 months, which means farmers were able to successfully sell leftover amounts of coffee stock as well.
While this is good news for farmers and the local coffee industry, the overall output of the new season, which ends 30 Sept next year, is also expected to decrease 10 percent from the previous crop year due to aging trees and rain, according to Deputy Chairman Do Ha Nam of the Vietnam Coffee and Cocoa Association.