A kilogram of Ethiopia’s finest coffee has sold for a staggering $884.10 (approximately 47,236 Ethiopian birr) at auction.
The winning coffees of the third Ethiopian Cup of Excellence competition on Saturday went under the hammer in the Alliance for Coffee Excellence auction this week.
The coffee that scored the highest points at the cup of excellence competition was able to get a record-breaking price from a UAE firm.
LNK Coffee Trading DMCC paid a whopping $884.1 (or approximately 47,236 birr) for a kilogram of the coffee.
”This is the highest price ever recorded for an Ethiopian coffee,” said the Cup of Excellence Ethiopia organizers.
Thirty coffees from four regions scored above an 87 by the International Jury, winning the annual cup of excellence.
A naturally-processed coffee which was produced by smallholder farmer Legese Botosa from the Sidama region in Southern Ethiopia, ranked top scoring the highest 90.69 points.
In total, the winning coffees, packaged in 30kg boxes containing two 15kg vacuum-packed bags, were sold at a $37.51/lb average price per pound in the auction.
A kilo of coffee at local market is sold for $2.8 or about 150 Ethiopian birr.
MG/abj/APA