Burundi coffee revenues fall 29%
Fin24 - Nov 21st 2012, 08:26
Bujumbura - Burundi's coffee revenues fell 29% in October from the month before, tracking lower international prices, the country's industry regulator said on Tuesday.
The producer earned $3.9m from the sale of 1 205 919 kg down from $5.5m collected in September from the export of 1 543 380 kg.
"In October, buyers were so reluctant due to a weaker world market and this has had a negative impact on earnings," said regulator ARFIC in its monthly report.
ARFIC fears lower prices for Burundi's Arabica coffee in the next two months as most buyers in western countries will be in vacation for the New Year season.
Burundi forecasts revenues for the current 2012/13 season at $61.4m, a bit closer to $61.2m earned in the 2011/12 crop. The expected high supply of the commodity from top world producers like Brazil, Vietnam and Colombia should weaken prices on global markets, says regulator ARFIC.
Coffee is Burundi's top hard currency earner and employs some 800 000 smallholder farmers in a population of 8 million.
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