Kenya's coffee revenue in January increased by 94% compared with the same period!
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Kenya's coffee income almost doubled in January compared with the same period last year due to rising prices and sales, a good year for farmers whose incomes have been falling in recent years. According to a market report from the Nairobi Coffee Exchange (NCE), coffee brought 5.2 billion shillings to Kenya last month, up 94 per cent from 2.6 billion shillings in January 2020.
NCE chief executive Daniel Mbithi (DanielMbithi) said the sharp increase in revenue was due to high demand for Kenyan coffee and an increase in auction volume. Mbithi said: "the current demand for coffee in Kenya is very high, especially for washed high-quality coffee beans, the price has soared from an average of $177.46 in January 2020 to $291.91 per 50 kg, an astonishing increase of 64.49 per cent.
Last year, Kenyan coffee brought Kenya 23.63 billion shillings ($216 million), up from 22.43 billion shillings ($205 million) in 2019, according to the latest data from the Central Bank of Kenya. The Kenyan coffee harvest in January 2021 increased by 8.81% to 132149 bags compared with 121447 bags (50 kg / bag) in January 2020, mainly due to the early picking of coffee. Subsequently, the average price rose from 12221 shillings per 50 kg in the same period last year to 14520 shillings at the end of last month.
Commodity prices have also been boosted by higher prices on the New York Coffee Exchange (New York Coffee Exchange), which plays an important role in determining the value of crops in Kenya.
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