Coffee, rice, and durian prices skyrocket

February 18, 2024 | VnExpress |

In recent months, both domestic and global coffee prices have surged to unprecedented levels, reaching new peaks. As of February 17th, raw coffee prices in Vietnam hit a record high of VND80,100 per kilogram, marking a continuous upward trend since the beginning of the year. Similarly, Vietnam's rice export prices remain at $640 per ton, matching last year's peak. The price of Vietnamese durian has also seen a significant uptick, increasing by 20% compared to the end of 2023. Businesses are willing to pay top prices, with some looking to purchase Thai durian varieties grown in Vietnam at VND200,000 per kilogram, matching previous peak levels.

Experts attribute these price hikes to various factors, including strong demand from China, the impacts of El Nino, and the prolonged Red Sea crisis, which have reduced fruit and vegetable supplies in Asian countries and West Africa. Additionally, rising transportation costs have further contributed to the upward pressure on commodity prices. Looking ahead, agricultural product prices are expected to continue rising, with durian prices anticipated to remain high during the off-season in other durian-producing countries like Thailand and Malaysia. The Ministry of Agriculture and Rural Development foresees ongoing price fluctuations throughout the year, aiming for a total export turnover of agricultural, forestry, and fishery products to reach $54-55 billion.

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