HANOI – Vietnam’s coffee export to Algeria in the first two month’s of this year reached USD23.2 million, a year-on-year rise of 93.3 percent, accounting for 52.4 per cent of the country’s total coffee export turnover, according to the General Department of Vietnam customs.
In February alone, the figure was USD12.6 million, up 404 percent from the same month last year, according to the Communist Party of Vietnam online newspaper.
Algeria, with annual import turnover of about USD37 billion and a focus on food and consumer goods imports, is a great potential market for agricultural products.
Vietnam’s major export commodities to the market are coffee, rice and telephone. Of these exports, coffee always tops the market as the country’s coffee exports to Algeria were estimated at USD59 million in 2012, up 14.8 percent.
In 2013, there was a slight decrease of 2.9 per cent in coffee exports to this market, but this year sees promising figures.
Vietnam’s coffee export turnover is expected to reach USD34.7 million in the first quarter of this year, a year-on-year rise of 126 percent.
In other news, coffee prices in Vietnam rose to their highest in three weeks on Tuesday, reaching 41,000 dong ($1.94) per kg, the highest since mid-March, traders said.
Earlier last month, prices hit an eight-month peak of 42,000 dong per kg, prompting farmers and exporters to unload stocks and buyers to sign many deals, traders said.
Coffee shipments rose an estimated 39.3% in March to 220,000 tonnes (3.67 million bags), the government has said.
Source [via]
