Dip in coffee prices sparks hoarding
(VOV) -Vietnamese coffee exports in the three months leading up to April dropped 41.4% in volume and 37.3% in value according to the latest figures from the Ministry of Agriculture and Rural Development (MARD).
Exports tallied in at 350,000 tonnes valued at US$734 million for the January-March period.
Market analysts have been reporting that shipments declined for the quarter due to the long Tet holiday and widespread domestic hoarding.
At current prices farmers are not selling, it has been widely reported. The average price of robusta futures in Europe buy the International Coffee Organisation (ICO) has been hovering only around US$1,974 per tonne.
Germany and the US remained the largest imports of Vietnamese coffee, accounting for 17.95% and 11.70% of the total export market respectively.
Vietnam is the world's largest producer of the robusta bean, often used to make instant coffee powder.