The export price of coffee (FOB) at Ho Chi Minh City Port increased to US$2,025 per tonne on February 1 ; The rise in export price pushed the price of coffee beans in Dak Lak province up to VND39,000 per kilogram, almost VND1,000 per kilogram more compared to the previous day. The price of top quality coffee beans hit a record high of VND40,000 per kilogram.
An exporter in Dak Lak province said farmers continue to speculate on their coffee and wait for higher prices while traders are trying to buy more for already signed contracts. Exporters are reluctant to sign new contracts, which causes the price go up.
Vietnam exported 140,000 tonnes of coffee in January, down 3.7 percent compared to the same period last year. However, thanks to price hike exports still reached US$266 million, up 30 percent.