[Photo: Business Daily]
The Nairobi Coffee Exchange (NCE) says monthly coffee earnings rose 62.5 percent to 130 million dollars in February 2022.
The Exchange says the earnings jumped from 80 million dollars in the corresponding month in 2021.
This was occasioned by the global shortage due to bad crop yielding in Latin America.
The world is also staggering from a shortage of the crop caused frost in Brazil and bad weather in Colombia that impacted negatively on the crop.
“Brazil has been facing record crop failures due to cold weather and drought. In Colombia, rains destroyed part of the crops, and Ethiopia was on the verge of a civil war, impacting on global production,” said NCE CEO Daniel Mbithi.
“It is predicted that this trend may continue in the next one or two years,” he further noted.
Brazil which produces up to 60 million kilos of the commodity annually, however lost over 20 percent of its entire crop in the last season due to the bad weather.
This resulted to a shortage in the world market as Ethiopia also, which is also large coffee producer, saw farming activities interrupted by the conflict between the government and the militia in Tigray.
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