Ambassador of Ethiopia in Russia Alemayehu Tegenu said that the African country is ready to increase the volume of coffee exports to Russia amid expectations of rising prices. According to him, Ethiopia has a more favorable situation with the coffee harvest than in Asia and Latin America, which is why the republic can increase its supplies.
“If there is a request from Russia, we can increase the volumes, no problem… This has happened before, when somewhere the coffee harvest was lower than expected, the prices went up. Everything is fine with us, coffee production is going on. Ethiopian producers are ready to supply coffee to any country,” Mr. Tegenu said.
In August, The Wall Street Journal reported that world coffee prices this year will rise because of the poor harvest of Arabica beans in Brazil, the largest coffee supplier in the world. In February, coffee futures rose to a decade high of $2.58 a pound.