Sh21 billion coffee traded at Nairobi auction shipped to 55 countries
Business
By
Boniface Gikandi
| Jul 24, 2024
Over 500,000 bags of coffee worth Sh21 billion traded at the Nairobi Coffee Exchange (NCE), were shipped to 55 countries in the last eight months.
Between October 1, 2023 and June 28, the regulator says 585,066 bags of coffee were purchased by 45 dealers, and at the auction, 101,858 bags exported to America.
In April, the auction market generated Sh3.5 billion, and became the highest payout for the 2023/2024 season.
A report by NCE indicated that Ibero Kenya, Kenyacoff, C- Dormans, Louis Dreyfus, Taylor Winch and Sasini Kenya Limited exported the largest consignment.
In the last coffee crop year (2022/2023), 48 dealers shipped 531,210 bags, which earned the farmers Sh16.6 billion after the commodity was shipped to 79 countries.
NCE Chief Executive Officer Lisper Ndungu says: "At the auction, the dealers purchased the commodity worth more than Sh 21 billion. The payment to the farmers was remitted through the Direct Settlement System (DSS)."
READ MORE
India overtakes China as biggest supplier of seafarers as demand sours to 2.5m
Court calls out Ruto team for removing abduction victims from KCNHR list
Thailand teen shooter once brought BB gun to school: police
Japan nuclear debate unnerves proponents of pacifism
New financial scams are sweeping Kenya as authorities watch
Kisumu, Nairobi among worst users of development funds
Why KQ has canceled its Cape Town return flight
Curriculum delivery is a marathon, not a sprint
Recipe for rigging: Battle looms over plan to scrap IEBC's livestreaming of election results
The dealers shipped 101,858 bags of coffee to the US market, 75,206 bags to Belgium, while the Germany market received 67,059 bags, and Sweden 36,816 bags.
Ndung'u noted that Ibero Kenya at NCE bought 118,749 bags of coffee for Sh3.9 billion, and Kenyacoff emerged second with Sh3,875,500,938 for 108,967 bags.
"C-Dorman had 106,039 bags for Sh4.4 billion. Three dealers- Biz One, Blue Scope Shipping and Sindiswa (K) Limited each bought five bags of coffee," she said.
Meanwhile, Delanexn Ventures Kenya Ltd bought two bags of coffee for Sh94,458.
Kigumo MP Joseph Munyoro called on players in the coffee value chain to educate the farmers how to produce quality produce for the market.
Munyoro, a member of the Coffee Tea Parliamentary Association (Cotepa), said the farmers in the cooperative and estate sectors reaped benefits owing to the regulations imposed to guide the sector.
"Cotepa is pleading with the stakeholders to explore more markets for Kenyan coffee for better returns to the farmers," he said.
Coffee Directorate Acting Director Benson Apuoyo said Kenyan coffee was sold in various parts of the world with large consignment shipped to America.
"In June, dealers exported 3,821,522 kgs worth Sh2.8 billion to the overseas markets," said Dr Apuoyo.
Gatagua Cooperative Society Chairman Nahason Chege said visits by the coffee dealers have assisted in quality improvement.
Chege said the farmers' interaction with the buyers has assisted in producing quantity and quality coffee.
"I am happy that Gatagua coffee has attracted Kenyacoff at the auction, who have been our partners for a long," he said.
Shipping professionals urge ports' resilience to weather global headwinds
Shipping professionals have noted that the industry has always adapted to change, but warned that the current simultaneous geopolitical, technological and environmental changes pose a new challengeKCB shareholders to get Sh9.64b interim dividend as net profit rises to Sh36.1b
KCB Group has declared an interim dividend payout after half‑year net profit rose to Sh36.1 billion on the back of an expanded loan book and surging contributions from regional subsidiaries.Co-op Bank records Sh18b half-year profit on subsidiaries growth
Co-operative Bank of Kenya has posted a 28 per cent surge in half-year net profit, marking its strongest-ever first-half performance.India overtakes China as biggest supplier of seafarers as demand sours to 2.5m
The Republic of India has overtaken China and become the second-largest supplier of seafarers in the world, according to the BIMCO-ICS Seafarer Workforce Report, 2026.State agencies, stakeholders to fast-track Mombasa Port's cargo clearance
The Kenya Revenue Authority (KRA) and the Kenya Ports Authority (KPA) have agreed to fast-track the efficient clearance of cargo at the Mombasa Port amid concerns about congestion.MOST READ
Shipping professionals urge ports' resilience to weather global headwinds
SHIPPING & LOGISTICS
By Patrick Beja