Ethiopia’s coffee industry booms
Since late last year, a severe drought has stunted growth on coffee plantations in the heart of Brazil’s coffee-growing region and this is reportedly stimulating a resurgence in the Ethiopian coffee industry, whose value has risen to an astonishing 17.5% in one week. Reports indicate that demand for Ethiopian coffee has risen sharply with exporters inking deals worth millions of dollars/pounds. Just two months ago, a pound of exportable washed coffee was traded on the Ethiopian Commodity Exchange (ECX) for 1.15 dollars/pound(0.45kgs). Despite being renowned to be one of the world’s best sources of coffee, a study has revealed that only a meagre 1% of Ethiopia’s coffee is sold as specialty. After the drought in the coffee producing belt of Brazil, the price of coffee in the market has shown an increase of 32.5 pc in a matter of 20 days, according to ICE. This drought, which has been described as ‘historic’, has forced more than 140 cities in Brazil to ration water. Rep