MILAN – Vietnam exported 143,296 tonnes of coffee in April, down 16.7 per cent from March. April’s actual coffee exports were higher than the government’s estimate of 140,000 tonnes.
For the first four months of this year, the country exported 631,946 tonnes of coffee, down 13.1 per cent from a year earlier. Coffee export revenue in the January-April period fell 22 per cent to US$1.1 billion
Exporters holding large physical stocks of unhedged coffee have been tempted back into the futures market to lock in prices before they fall further, dealers quoted by Reuters said.
Vietnam ’s domestic coffee prices fell to the lowest level in six years on Thursday following a decline on the ICE.
Farmers in the Central Highlands, Vietnam’s largest coffee growing area, sold coffee at 29,000-29,800 dong ($1.24-$1.27) per kg on Thursday, down from 30,300-31,000 dong last week.
Meanwhile, the rainy season has begun, right on schedule, boosting prospects for the 2019/20 coffee season. Vietnam’s wet season runs from May through end-October.
Ho Chi Minh city, the largest economic hub in southern Vietnam has suffered from widespread floods as part of heavy rain in the afternoon of May 07.