Vietnam, the biggest Robusta producer in the world, is estimated to have earned $1 billion worth of 504,000 tons of coffee in the first quarter of this year, doubling its value on the same period of 2010 and increasing 46.1% for quantity on-year, the Ministry of Agricultural and Rural Development said.

In March alone, the country is expected to export $330 million worth of 150,000 tons of coffee, increasing 6,000 tons from February, the General Statistic Office of Vietnam said.

The coffee prices on the London International Financial Futures and Options Exchange increased to $2,504 per ton for forward contract for delivery on May.

The domestic coffee prices hit all-time high at VND49,200/kg at the beginning of this month and currently stand at around VND47,000/kg.

The average export prices increased to $1,993/ton in the first two month of this year, up 40.9% compared with the same period of 2010.

The country’s coffee output is forecast to fall 20% to 1.1 billion ton in the 2010-2011 crop, the Vietnam Association of Coffee and Cacao (Vicofa) predicted.

Source: vneconomynews.com

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