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NCE: Coffee earnings increase in current quarter

NEWS
By Valentine Kondo | December 30th 2018
A farmer Gichira Komu tends to his unripe bare coffee berries after the leafs fell off following a prolonged cold spell leading. [Photo: Standard]

Nairobi Coffee Exchange has reported that coffee earnings rose by Sh1 billion in the fourth quarter of 2018.

The trend was achieved due to increased auction of the product in the market making the value of the product rise to Sh22.5 billion in 2018 from Sh21.5 billion in 2017.

Earnings recorded at the period indicated that the beverage increased its sale value by over Sh1 billion however, marking a decline of 14.34 percent in its price equivalent to a 12-year low.

The cost per 50-kilogram bag went down to Sh16,237.6 in 2018 from Sh20,229 in 2017, a 19.74 percent drop in the current quarter.

The report states, “Volumes increased by 22 per cent from 85,349 kilos sold in 2017 to 104,026 this year as more coffee from Western and Rift Valley regions came in early to the market, helping to lift the prices.”

This was on the back of high volumes of the produce and low international prices that affected farmers’ earning.

Previous figures show that the value of coffee sold at the Nairobi Coffee Exchange rose from $149 million (Sh14.9 billion) in 2016 to $159 million (Sh15.9 billion) in 2017.

This comes at a time when the Government is drafting a new law to limit the sale of raw tea and coffee beans to encourage industrialization.

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