Revenues from coffee exports is expected to cross Rs 2,000 crore in 2008, trade sources said. ?The rupee losing strength against the dollar and higher prices at international markets are reasons that helped exporters to book profits in recent months, said PJ Suresh Babu of Bangalore-based Chaitanya Coffee.
According to figures available with the state-owned Coffee Board, foreign exchange fetched through coffee exports during January-July in 2008 stood at Rs 1,612 crore, 34% up from Rs 1,208 crore reported in the same period last year. India witnessed a revenue of Rs 1,907 crore through coffee exports in 2007, when the rupee appreciated much against dollar. With five months left, the country will easily cross Rs 2,000 crore mark in 2008, trade sources added.
With expected higher production, coffee exports also expected to increase this year. During the first seven months of 2008, exports surged by 6% to 1,50,927 tonne from 1,42,132 tonne. After a brief slump, internal trade activity in India also picked up since last week. In the weekly auction at Indian Coffee Trade Association (ICTA) on Thursday, Arabica Plantation coffee prices were ruled higher by Rs 50-Rs 100 per 50 kg bag.
