Kenya's half-year coffee earnings fall by 9%

Nairobi – The value of coffee sold through Kenya’s auction fell 9 per cent to Sh8.5 billion ($85 million) in the half-year to March due to lower volumes and prices. Kenya sold coffee worth Sh9.3 billion ($93.2 million) in the first-half of the 2014/15 crop season that runs from October to September.

Nairobi – The value of coffee sold through Kenya’s auction fell 9 per cent to Sh8.5 billion ($85 million) in the half-year to March due to lower volumes and prices. Kenya sold coffee worth Sh9.3 billion ($93.2 million) in the first-half of the 2014/15 crop season that runs from October to September.

“The volume of crop was lower in the first-half and this coupled with the price trend in New York reflected on the overall earnings,” Daniel Mbithi, the chief executive of the Nairobi Coffee Exchange told Reuters.

 

Kenya’s coffee prices track those of Arabica in New York.

 

Kenya, whose high-quality beans are sought by roasters to blend with beans from other producers, exports about 90 per cent of its coffee through the exchange, and the remainder is sold to foreign buyers directly.

 

Officials said 324,585 bags of 60-kg each were sold in the six months to March compared with 328,401 the previous year.

The average price dipped to $214.51 per 50-kg bag from $232.4 in the previous year. East African coffee is normally packed in 60-kg bags but the prices are quoted for quantities of 50-kg.

You want to chat directly with us? Send us a message on WhatsApp at +250 788 310 999    

 

Follow The New Times on Google News