Colombia celebrated this Wednesday a record of the internal price of coffee, of about 600 dollars per 125 kilo bag, at a time when the Arabica variety is at historic highs in international markets.
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“Colombian coffee breaks a historical record. The value of the coffee exceeds $2,650,000 (about 604 dollars) per load of 125 kilos, marking a milestone in the coffee industry”assured the presidency of the leftist Gustavo Petro in a message on the social network X. According to the National Federation of Coffee Growers of Colombia, The internal price of the bag is already at 2,785,000 pesos this Wednesday (about 635 dollars) in the country, the third world producer of the grain behind Brazil and Vietnam.
“This increase drives the development of thousands of coffee-growing families throughout the country, reflecting the quality and recognition of Colombian coffee in international markets”added the Petro government. In international markets, the price of Arabica coffee – the majority in Colombia and central to its economy – reached its highest level in almost half a century on the day.
The movement is explained above all by the growing concern about the harvest in Brazil, affected by a serious drought and weeks of fires. The pound of Arabica traded in New York reached $3.20, a value at which it had not been traded since 1977. The increase was almost 70% since the beginning of the year.
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Coffee
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According to the Colombian statistical authority (DANE), coffee represented 6.2% of the country’s total exports in 2023 and is the main industry behind the 2% year-on-year economic growth recorded in the third quarter of this year.
The Federation assures that the grain is also going through a good year in production, with an estimated 13 million bags, and 552,000 registered farming familiesalthough historical demands from farmers persist for a real return to high prices.
Also known as Arabica, this family of coffee, which is characterized by producing a soft drink, with pronounced acidity and aroma, is the main one cultivated in Colombia, where its varieties are planted. Typical, Bourbon, Maragogipe, Tabi, Caturra and Castillo. This species is native to Ethiopia and was introduced to Colombia in the 18th century, later becoming one of its flagship products.
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AFP
