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Thread: Ethiopia doubles its coffee take in Internet aucti

  1. #1
    TC
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    Ethiopia doubles its coffee take in Internet aucti

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    ADDIS ABABA (Reuters) - Ethiopia took to the Internet to sell coffee and as a result Africas biggest grower fetched twice the usual price, the auctions sponsor said on Friday.
    Coffee offered in the first Web auction by the impoverished African country sold for an average $3.22 (1.81 pounds) per pound, the sponsor said.

    All 26 lots of top grade washed and unwashed coffee on offer from Ethiopian coffee cooperatives were sold above the reserve price of $1.50, said Willem Boot, president of auction sponsor eCafe Foundation.

    "Because of your support, the...auction generated more than $187,000 for Ethiopian cooperative coffee at an average price of $3.22 per pound," Boot said in a letter thanking auction bidders.

    The auction was the first for the eCafe Foundation, which provides education and economic development assistance to farming communities that grow rare arabica coffees.

    It also monitors auctions to help communities earn more from their product.

    The highest bid received was $6.50 per pound for Ethiopias top-grade coffee from Yirgacheffe. The lowest winning bid was tendered at $1.82, Boot said.

    Ethiopian coffee normally fetches an average of $1.30 in normal markets.

    All 26 lots auctioned above their reserve price of $1.50 per pound, Boot said.

    Growers welcomed the results.

    "Through the efforts of the foundation, Ethiopian coffee was able to be sold at a triple price of $6.50 per pound," said Oromia Coffee Union head Tadesse Meskela, referring to the top bid.

    Tadesse said the auction also showed growers that they should focus on quality, rather than quantity.

    Abraham Begashaw , head of the Agriculture Ministrys Coffee Quality Control Department, hailed the auction as an initiative that brought positive results and support to Ethiopian coffee farmers.

    Four unions of 151 coffee cooperatives, with a total membership of 180,000 individual producers, participated in the auction.

    Ethiopia is the largest coffee producer in Africa with annual production estimated between 250,000 and 300,000 tonnes, most of which is consumed locally.

    The country earned $296.3 million by exporting 144,925 tonnes of coffee in the first 11 months of the trading year July 2004-June 2005

  2. #2
    Super Moderator Javaphile's Avatar
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    Re: Ethiopia doubles its coffee take in Internet a

    I think this is a trend we are going to be seeing for more and more high-end coffees with virtually all of them going this route eventually. As a result the prices for high-end coffees will most likely increase at a rate much faster than were seeing for the commercial coffees. Time to start stockpiling! ;D

    Java "Beans! I must have more beans!" phile



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