Vietnam looks to export over 1.5 million tonnes of coffee for nearly US$3 billion in the 2013-2014 crop, a year-on-year increase of 20 percent. This was said by Deputy Chairman of the Vietnam Coffee and Cacao Association, or Vicofa, Do Ha Nam on the fringe of a congress held in Ho Chi Minh City on April 11
The country has raked in 1 billion USD from exporting around 700 tonnes of coffee since last October.
The price is between US$2,000 and US$2,200 per tonne, which is forecast to become higher in the next crop due to a lower output as a result of a drought in some coffee-growing areas in the world, Nam said.
Vietnam is striving to increase the output as the global demand for this product remains very high, Nam added.
Coffee is one of Vietnam’s major hard currency earners, with the Central Highlands as the largest growing area.
Last year, the country exported 1.32 million tonnes of coffee, earning US$2.75 billion.
In other news, Vietnam’s domestic coffee prices rose 0.7 percent on Friday to their highest levels in nearly a month.
Domestic robusta prices rose to 41,500-41,900 dong ($1.97-$1.99) per kg, on par with those on March 13, according to sources. The rise tracked a gain in London’s futures market, where the July contract ended up 1.2 percent at $2,158 per tonne on Thursday.
The increase did not boost domestic trading, however, as farmers had sold actively earlier in the week when global prices posted sharper gains, and were waiting for a further rise in domestic prices.