Coffee prices increased wildly, transactions were "chaotic", exporters revealed they suffered "huge losses"
Coffee Drinks
Market & Price Trends
Published Mar 21, 2024
Tridge summary
Vietnamese coffee prices have surged to over 94,000 VND/kg due to climate change, global military conflicts, and financial speculation, disrupting the coffee export business. Farmers are not delivering coffee at previously set prices, causing export companies to buy high-priced coffee, leading to significant losses and strained industry relationships. The high prices have deterred new buyers, leading many to switch to Indian coffee. Despite this, the Chairman of Vicofa predicts that Vietnamese coffee prices will remain high. In response to high Robusta prices, many large roasters have started buying cheaper Brazilian Arabica coffee.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
Mr. Phan Minh Thong - General Director of Phuc Sinh Joint Stock Company said so when analyzing recent coffee market developments. Continuing the growth from last year, domestic coffee prices have continuously remained high from the beginning of 2024 until now. Reporter Dan Viet's survey showed that coffee prices on March 20 increased by 500 VND/kg compared to the previous day, reaching 94,000 - 94,700 VND/kg. Specifically, in Lam Dong province, coffee price is at 94,000 VND/kg, an increase of 500 VND/kg. Coffee prices in Dak Lak province increased by 500 VND/kg to the highest level of 94,600 VND/kg - on par with Gia Lai. Traders in Dak Nong trade coffee for 94,700 VND/kg. Looking back at the end of 2023, coffee prices have also increased continuously, causing one surprise after another for both farmers and coffee industry businesses. From 59,000 - 60,000 VND/kg in November 2023, it increased to 62,000 - 69,000 VND/kg in December 2023, jumping to 80,000 VND/kg in January 2024. Some ...
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