Starbucks Places High Price on Rwandan Premium Coffee
KIGALI, Rwanda, May 7, 2015 /PRNewswire/ — Rwanda will this year fetch more than $3 million from 14,400 bags of Arabica coffee sold to U.S. coffee retail giant Starbucks Corporation, it has emerged in Kigali on May 6 after executives from Starbucks paid a courtesy call on President Paul Kagame.
Apparently, a pound of Rwandan Arabica coffee sells at 134 Cents on the New York Stock Exchange (NYSE). And the premium product is one of Rwanda’s top sources of exports.
Last year, the country produced 16,000 tons of coffee, with 98% of it exported, according to Rwanda’s Trade Minister, Francois Kanimba. Out of that, more than 90% is sold in the U.S.
The National Institute of Statistics of Rwanda says coffee counted for 10% ($60 million) of 2014 total exports valued at $599.8 million from $573 million in 2013.
According to Rwanda’s National Agriculture Exports Board (NAEB), at least forty containers are sold to Starbucks every year.
“We are impressed by the progress on the quality of Rwandan coffee,” Craig Russell, Starbucks Executive Vice President told KT Press.