Rising coffee prices: disasters strike the world’s largest coffee growers
Coffee is becoming more expensive across Europe, as the world’s two largest coffee-growing countries, Brazil and Vietnam, faced severe natural disasters, reports EuroNews. Brazil was hit by a historic drought, while Vietnam was ravaged by typhoons, causing significant crop losses and price increases.
Brazil, which accounts for 40% of global coffee production, has suffered heavy losses, particularly in its Arabica coffee growing regions. Production may have dropped by up to 20% due to the drought.
Vietnam, the largest producer of robust coffee, also suffered severe damage from Typhoon Yagi, which destroyed thousands of hectares of coffee plantations.
According to the International Coffee Organization (ICO), coffee prices rose by 20% in the third quarter of 2024, reaching the highest level in the past decade. Experts blame climate change and do not consider the coffee market to recover quickly.
Related news
MNB Director: The central bank expects 4.7 percent annual inflation this year
Inflation is expected to exceed the central bank’s tolerance band…
Read more >Coffee and tea prices before explosion
Morning coffee or afternoon tea is not just a matter…
Read more >Agrometeorology: Drought continues to worsen
The agricultural drought in the Great Plain has continued to…
Read more >Related news
Fitch: Global economy recovering as tariff war eases – China and US may drive growth
Fitch Ratings expects stronger-than-expected economic performance in 2025: according to…
Read more >Melon import volume drops by 51 percent
Compared to last year, the volume of melon imports has…
Read more >The Hungarian Product trademark gives companies a sense of community and customers reliable quality
Professional cooperation based on mutual benefits enables businesses to overcome…
Read more >