Kenya's Coffee Revenue in January Up 94% Year-on-Year!
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Kenyan Coffee Revenue Nearly Doubles in January
Due to rising prices and sales volumes, Kenya's coffee revenue in January nearly doubled compared to the same period last year, marking a good year for farmers who have seen declining incomes in recent years. Market reports from the Nairobi Coffee Exchange (NCE) show that coffee brought Kenya 5.2 billion shillings last month, a 94% increase from 2.6 billion shillings in January 2020.
NCE Chief Executive Officer Daniel Mbithi stated that the significant increase in revenue was due to high market demand for Kenyan coffee and increased transaction volumes at auctions. Mbithi said: "Currently, the demand for Kenyan coffee is very high, especially for high-quality washed coffee beans. Prices have surged astonishingly from an average of $177.46 in January 2020 to $291.91 per 50kg, representing an impressive increase of 64.49%.
According to the latest data from the Central Bank of Kenya, last year Kenyan coffee generated 23.63 billion shillings ($216 million) in revenue for the country, higher than the 22.43 billion shillings ($205 million) in 2019. Kenya's coffee harvest in January 2021 increased by 8.81% to 132,149 bags (50kg/bag) compared to 121,447 bags in January 2020, mainly due to early coffee harvesting stimulating production. Subsequently, the average price rose from 12,221 shillings per 50kg in the same period last year to 14,520 shillings at the end of last month.
Commodity prices were also boosted by rising prices at the New York Coffee Exchange, which plays an important role in determining the value of Kenyan crops.
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