International coffee prices hit a record high after 47 years last week, sending ripple effects on the Ethiopian growers and exporters. Arabica coffee hit a high of 3.44 dollars per pound before cooling to 3.28 dollars, marking a marked 75.92pc increase from the previous year. These soaring prices, last witnessed when coffee reached 3.35 dollars per pound in 1977.While hoping to benefit from the historic surge in global coffee prices, growers and exporters have expressed anxiety.A decline of production in major coffee-exporting countries like Vietnam and Brazil has primarily caused the price hikes. Vietnam, the world's leading producer of Robusta coffee, is grappling with heavy rains that threaten to flood coffee fields and disrupt the harvest season. Vietnam reported a 20pc drop in coffee production for the 2023/24 crop year, the lowest in four years, due to drought. (ICE ADDIS ABEBA)

Fonte notizia: Addis Fortune