Vietnam coffee consumption to surge
Vietnam coffee consumption to surge
The US Department of Agriculture (USDA) has forecast Vietnam 's coffee consumption in the 2012-13 crop would likely reach 1.83 million 60-kg bags, against 1.7 million bags in 2011-12.
Viet Nam 's robusta coffee last week rose to its highest price in seven months at between 42.8 million and VND43 million (2,055-$2,064) a tonne. Strong demand for robusta, used for making soluble coffee, combined with diminishing certified stocks has kept futures prices firm since May.
Statistics of Vietnam ’s Ministry of Agriculture and Rural Development shouwed the country exported nearly 928,000 tonnes of coffee between last October and April 2012, the first seven months of the 2011-12 crop, down 0.85 per cent from the previous season.
It is estimated that roughly 110,000-130,000 tonnes of coffee were shipped in May, bringing the total export volume for October 2011-May 2012 to roughly 1.04 million tonnes.
The average export price of Vietnam 's robusta coffee beans for the first seven months of 2011-12 was $1,918 per tonne, a decline of 3 per cent compared with the same period a year earlier
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