The damage of coffee bean crops in the world's largest coffee bean producer, Brazil, pushed the price of coffee beans up in China, while creating a business opportunity for other coffee growing countries, including Ethiopia.
With supplies tightening up, the price of coffee beans hits six-year high in China, one of the world's largest consumption markets.
The futures price for Arabica coffee beans shot from 1.6 dollars a pound since July 21, even reaching 2.15 dollars a pound once.
Further complicated by labor shortages and COVID-19-related logistics problems, the production of coffee beans in Brazil is likely to face a further decline, with a potential to cause more increase in price.
This has already created a good market opportunity for the supplier in Ethiopia and other major coffee growing countries.
China was one of the top destination of Ethiopia's coffee last year.
