The price of Vietnam's exported coffee fell to 1,489 U.S. dollars per ton last week, the lowest for the past nine months, on global economic downturn, Vietnam News reported on Monday.
The price marked a loss of 220 U.S. dollars per ton compared with October, and is down 520 U.S. dollars over September, the newspaper cited figures from the Vietnam Coffee and Cocoa Association.
Export output also decreased, and coffee farmers in southern Vietnam, set to harvest bumper crops this season, are also bracing for big drops in profits.
Coffee growers in Dak Nong province have harvested 132,000 tons of coffee this year, up by about 12 percent year-on-year. But the profit they made were not enough to cover costs, the newspaper said.
Following the outbreak of world economic crisis, Vietnamese major exporting items, like coffee, rubber and rice, all saw price in a downward trend.
The government predicts the situation will be worse next year, and lowers export target for 2009 to 13 percent, sharply down from this year's forecast export growth of more than 30 percent.
Source: Xinhua
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