Borkena
Toronto – Ethiopian Coffee Exporters said to be facing a price drop that the international Market. Ethiopian Coffee and Tea Authority is expressing concern over potential loss for the exporters and also for the foreign currency the country might be losing as a result of it.
On Thursday this week, the authority organized a press conference (with private and state-owned media) in the capital Addis Ababa focusing on slowing the international coffee market.
Adugna Debela, Director, advised businesses in the sector to “protect themselves.” It was noted that coffee prices are falling from time to time. Exporters used to fetch $4 a pound. It has plummated to $2.8 now.
“The market [international ] tendencies are concerning” at this point, it was said. The anticipation , and it was said that the authority studied the trend in an evidence based way, is that prices could drop further.
From information the authority shared, exporters had been buying locally at a high price – from over a year to so ago – and hoarding it anticipating a better price at the international market. However, the price has been dropping for several months now.
The authority advised exporters not to buy with exaggerated prices locally. Those who have hoarded are also advised to urgently sell (export) it.
The director is also cited as saying that coffee is a national resource and inappropriately hoarding it entails accountability.
Those in the sector are also advised to follow up what the authority said “scientific analysis” from the authority regarding prices rather than making emotion based decisions.
The change in the price is attributed to supply from other producing countries.
Dubbed as the origin of coffee, the bulk of Ethiopia’s meager export earning is from coffee which may not be the case for another one year or so based on the authorities predictions.
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