Coffee Semi-annual

An Expert's View about Coffee and Tea in Vietnam

Posted on: 26 Dec 2011

Despite the Government of Vietnam’s (GVN) efforts to maintain the coffee growing area at 500,000 hectares (ha), area has continued to expand. According to the GVN General Statistic Office (GSO), produ

THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: 12/6/2011 GAIN Report Number: VM1079 Vietnam Coffee Semi-annual November 2011 Approved By: Dwight Wilder - Roy J. Taylor Prepared By: Huong Nguyen - Quan Tran Report Highlights: Post forecasts for MY 2011/2012 a production increase to 20.6 million 60 kg-bags (equivalent to 1.24 MMT). The rainy season continued until the end of November, which delayed the coffee harvest. Post expects that new-crop coffee will be ready in the local market from the second week of December. According to official data from Vietnam’s General Statistics Office, in MY 2010/2011, Vietnam exported 1.232 million metric tons (MMT) of all types of coffee products, valued at a record $2.6 billion. This is an increase of 6 percent in volume and 56 percent in value over MY 2009/2010 due, in part, to high global prices. Specifically, green coffee bean exports totaled 15.3 million 60kg-bags or 920 thousand metric tons (TMT), a 7-percent drop in volume, but a 37-percent increase in value, compared with the MY 2009/2010. Green coffee export value reached a record of about $2 billion, thanks to high global coffee prices. Executive Summary: Despite the Government of Vietnam’s (GVN) efforts to maintain the coffee growing area at 500,000 hectares (ha), area has continued to expand. According to the GVN General Statistic Office (GSO), production area has increased about 10 percent over the past five years to about 550,000 ha. According to the Vietnam Coffee & Cocoa Association (Vicofa), in Vietnam’s Central Highlands about 137,000 ha of old and low-quality coffee trees need to be replaced over the next five years. This represents about 25 percent of the total current production area. In order to reach this total in five years, about 28,000 ha will need to be replanted each year. This process will require at least 28-30 million new breeding saplings. Post forecasts for MY 2011/2012 a production increase to 20.6 million 60 kg-bags (equivalent to 1.24 MMT). Post forecasts that higher yields due to better production practices will offset the drop in production from the recently replaced area. Commodities: Coffee, Green Production: Rainy season continued until the end of November. It normally stops in October in Vietnam’s coffee producing heart – the Central Highlands. The rainy weather has delayed the coffee harvest and newly harvested coffee beans have yet to arrive on the market. Post expects that new-crop coffee will be ready in the local market from the second week of December. Despite the Government of Vietnam’s (GVN) efforts to maintain the coffee growing area at 500,000 hectares (ha), area has continued to expand. According to the GVN General Statistic Office (GSO), production area has increased about 10 percent over the past five years to about 550,000 ha. (see graph 1; graph 2). Graph 1: Vietnam’s coffee growing area and production (calendar year) Source: General Statistic Office (GSO) Graph 2: Vietnam’s Coffee Plantation Provinces Source: Vietnam Ministry of Agriculture and Rural Development (MARD) According to the Vietnam Coffee & Cocoa Association (Vicofa), in Vietnam’s Central Highlands about 137,000 ha of old and low-quality coffee trees need to be replaced over the next five years. This represents about 25 percent of the total current production area. In order to reach this total in five years, about 28,000 ha will need to be replanted each year. This process will require at least 28-30 million new breeding saplings. According to the Tay Nguyen Agriculture and Forestry Science Institute, intercropping offers an option to keep some income flowing during the years when the new trees are maturing. Possible intercrop trees include macadamia and avocado, which should be planted in a coffee field about three years before the cutting and replacement of the old and low quality coffee trees. In the fourth year, the macadamia and avocado trees should have fruit and will help to supplement farm income while the new coffee trees are becoming mature. This strategy could become important if coffee growers are not provided financial support from the GVN to assist with replacing older coffee plants. Post forecasts a production increase for MY 2011/2012 to 20.6 million 60 kg-bags (equivalent to 1.24 MMT). Post forecasts that yields from better production practices, including more inputs, will offset the drop in production from the recently replaced area. Table 1: Coffee Production by Marketing Year (Oct.-Sept.) 2009/2010 2010/2011 2011/2012 estimate Marketing year begins 10/2009 10/2010 10/2011 Production (green bean, thousand tons) 1,110 1,125 1,236 Average coffee yield (tons/ha) 2.07 2.1 2.2 Source: Post estimates According to the Ministry of Agriculture and Rural Development (MARD), Arabica production will likely be about 750,000 bags (60 kg-bags) in MY 2011/2012. This would be a 25 percent increase over MY 2010/2011. Production is centered in the provinces of Son La and Lam Dong. Note: Arabica coffee accounts for only 3 percent of the total coffee production in Vietnam (see graph 3). Although the production area for Arabica is slowly expanding and yields are improving, Post still does not expect Arabica production to surpass the 5 percent threshold in the next five years. Graph 3: Vietnam’s coffee production, Crop Year 2001/2002 – 2011/2012 Source: USDA, Post estimates Consumption: Post revises its estimate for domestic consumption in MY 2010/2011 to 1.3 million 60 kg bags, or 80 thousand metric tons (TMT) green bean equivalent (GBE). Post forecasts domestic consumption in MY 2011/2012 at 1.5 million 60 kg bags, or 90 TMT GBE, a level equal to about 7 percent of total production. Vietnam’s current per capita coffee consumption is about 0.92 kg/person. Although increasing, it is still considerably lower than other producing countries (see Graph 4). In recent years, Vietnam’s domestic coffee consumption has grown significantly. Many new cafes have opened including Western style cafés (Highland Coffee, Gloria Jean’s Coffees, Lee’s Coffee) and Vietnamese style cafes (Trung Nguyen, S-café). Many internet cafes, bookstore cafes, and new, non- traditional venues are opening and have become popular with both 16-22 year olds and businesspeople alike, providing more options for consumers of different age categories. The population growth rate of 1 percent per year (equal to about one million people) also contributes to the increase in domestic coffee consumption. Graph 4: Per Capita Coffee Consumption of Selected Countries Source: International Coffee Organization (ICO); Post estimate Domestic marketers are providing domestic consumers a wide range of roasted, ground, and instant coffee products to meet increasing demands for time-saving and convenient products. Additionally, alternative coffee brewing methods such as mochas, cappuccinos, and espressos have been introduced through Western Cafés to the local consumers. Canned coffee (liquid coffee) is becoming more popular in Vietnam due to its convenience and ease of distribution and preservation (see photo 1, 2, 3). Photo 1, 2, 3: Coffee products available in supermarkets in Hanoi Source: FAS Vietnam Trade: Exports According to official data from Vietnam’s General Statistics Office, in MY 2010/2011, Vietnam exported 1.232 million metric tons of all types of coffee products, valued at a record $2.6 billion. This is an increase of 6 percent in volume and 56 percent in value over MY 2009/2010 due, in part, to high global prices (see Graph 5, Table 2). Graph 5: Vietnam’s Monthly Coffee Exports, MY2009/2010 – MY 2010/2011 Source: GVN General Statistics Office (GSO) Table 2: Vietnam’s Monthly Coffee Product Exports (All Types), MY 2008/2009 – MY 2010/2011 % Change M 2008/2009 2009/2010 2010/2011 onth MY2010/2011 over (Begin: Oct. 2008) (Begin: Oct. 2009) (Begin: Oct. 2010) MY 2009/10 Value Value Value Volume ($ Volume ($ Volume ($ (TMT) million) (TMT) million) (TMT) million) Volume Value Oct. 39 71 55 79 57 97 4% 23% Nov. 71 121 82 115 69 120 -16% 4% Dec. 130 221 145 202 164 292 13% 45% Jan. 136 210 141 198 215 414 52% 109% Feb. 153 234 77 110 144 303 87% 175% Mar. 136 199 123 168 161 365 31% 117% April 124 180 117 159 126 302 8% 90% May 92 132 100 141 110 270 10% 91% June 78 115 95 137 67 157 -29% 15% July 53 76 89 138 53 124 -40% -10% Aug. 54 77 78 123 36 83 -54% -33% Sep. 48 71 58 93 27 61 -53% -34% Grand Total 1,114 1,707 1,160 1,663 1,229 2,588 6% 56% Source: General Statistics Office (GSO) According to trade data from the General Customs Office, Vietnam exported 15.3 million 60kg-bags or 920 TMT of green coffee beans in MY 2010/2011 (October – September), a 7-percent drop in volume, but a 37-percent increase in value, compared with the previous marketing year (see Table 3). Green coffee export value reached a record of about $2 billion, thanks to high global coffee prices. Table 3: Vietnam’s Green Coffee Bean Exports, MY 2008/2009 – MY 2010/2011 % Change M 2008/2009 2009/2010 2010/2011 onth MY2010/2011 over (Begin: Oct. 2008) (Begin: Oct. 2009) (Begin: Oct. 2010) MY 2009/10 Value Value Value Volume ($ Volume ($ Volume ($ (TMT) million) (TMT) million) (TMT) million) Volume Value Oct. 34 60 52 74 49 85 -6% 15% Nov. 63 106 70 100 62 109 -11% 9% Dec. 159 262 114 160 113 203 0% 27% Jan. 118 182 112 158 136 267 21% 69% Feb. 119 181 64 92 94 197 47% 114% Mar. 110 158 104 142 147 333 41% 135% April 103 149 102 137 100 240 -2% 75% May 69 100 78 111 77 188 -1% 69% June 64 93 79 114 53 124 -33% 9% July 44 63 81 124 40 95 -51% -23% Aug. 49 70 69 110 31 71 -55% -35% Sep. 45 65 65 106 18 41 -72% -61% Grand Total 977 1,489 989 1,426 920 1,953 -7% 37% Source: Global Trade Atlas; *General Customs Office However, according to MARD’s shipment statistics, in MY 2010/2011, Vietnam exported 18.78 million 60kg-bags or 1.127 million metric tons of green coffee beans, a 6-percent increase over the previous marketing year (17.7 million 60 kg bags or 1.061 million metric tons) (see Graph 6). Graph 6: Vietnam’s Monthly Green Coffee Bean Exports, MY2009/2010 – MY 2010/2011 Source: MARD Vietnam exported coffee beans to 79 countries worldwide in MY 2010/2011. Among these countries, the top ten markets accounted for about 69 percent of total Vietnamese green coffee bean exports. The United States has become the largest importer of Vietnamese green coffee beans over the past three marketing years (see Graph 7, Table 4). Graph 7: Vietnam’s key green coffee bean export markets in MY2010/2011 Source: MARD Table 4: U.S. Coffee Product Imports from Vietnam 2009 2010 2011 (Oct-. 08-Sept. 09) (Oct. 09-Sept. 10) (Oct. 10-Aug. 11) P Value Qty Value Qty Value Qty roduct ('000 $) (MT) ('000 $) (MT) ('000 $) (MT) Coffee, Not Roasted (HS code 090111) 238,310 153,782 319,938 211,379 417,172 182,665 Coffee, Not roasted Def (HS code 090112) 4,774 2,899 7,070 3,939 22,039 7,282 Coffee, Roasted 511 (HS code-090121) 2,283 2,033 644 3,046 796 Coffee, Roasted, Def (HS code 090122) 635 166 1,129 395 4,844 1,500 Coffee Husks and skins (HS code 090190) 11 5 7 1.7 11 2.2 Coffee Extracts, Instant coffee (HS code 2101) 4,093 1,245 4,284 1,378 6,733 1,926 Source: Department of Commerce, U.S. Census Bureau, Foreign Trade Statistics Vietnam continues to export ground, roasted and soluble coffee. For example Trung Nguyen’s G7 brand coffee just entered the U.S. and South Korea markets. Vicofa believes that Vietnam should continue to invest in the production of more value-added coffee products to meet growing demand in emerging markets. Currently, the largest markets of both Vietnamese ground, roasted, and soluble coffee products are Belgium, Thailand, and Germany, with a total value of about $24 million, $20 million, and $19 million, respectively, in MY 2010/2011. China and other countries in the Association of Southeast Asia Nations (ASEAN) are also Vietnam’s emerging markets for ground, roasted, and instant coffee products. Imports Vietnam continues to import small quantities of green coffee, roasted, and instant coffees. According to trade data from the General Customs Office, total green bean coffee imports including both Arabica and Robusta for MY 2010/2011 were 175 thousand 60-kg bags, or about 10.5 TMT-GBE, a 243-percent increase over the previous marketing year (3 TMT) with a value of $26 million, mainly from Laos and Indonesia (see Graph 8). Graph 8: Vietnam’s green coffee imports in MY2010/2011 Source: General Customs Office PRICES Export prices The average export price of Vietnam’s Robusta coffee beans in MY 2010/2011 was $2,134/MT (FOB Ho Chi Minh City basis), which is a 56-percent increase over the previous marketing year ($1,368/MT) (see Table 5, Graph 9). This price was the highest in the last 16 years, but it was below the record set in MY 1994/1995 ($2,658/MT) (see Graph 10). The increase in price can be attributed to low world stocks and growing global demand. Table 5: Average Monthly Export Prices for Vietnamese Green Coffee, MY 2009/2010 – MY 2010/2011 Oct. Nov. Dec. Jan. Feb. Mar Apr. May Jun. Jul. Aug Sept Avera FOB . . . ge HCMCity export basis price price for common for ungraded MY coffee beans (Oct.- (US$/MT) Sept.) 1,35 1,27 1,27 1,29 1,21 1,19 1,27 1,28 1,43 1,61 1,62 1,56 MY2009/10 7 8 7 7 8 8 1 6 1 0 2 6 1,368 *MY2010/2 1,62 1,80 1,82 1,91 2,09 2,28 2,32 2,49 2,35 2,35 2,35 2,19 011 5 6 1 0 3 1 8 2 0 1 7 7 2,134 % change MY2010/20 11 over MY2009/10 20% 41% 43% 47% 72% 90% 83% 94% 64% 46% 45% 40% 56% Source: Dak Lak Trade, Investment & Tourism Promotion Center (Daktip);*Vicofa and BCEC Graph 9: Average Export Prices for Vietnamese Green Coffee, MY2009/2010 – MY 2010/2011 Source: Daktip; Vicofa and BCEC Graph 10: Average Export Prices for Vietnamese Green Coffee, MY1990/1991 – MY 2010/2011 Source: Daktip; Vicofa and BCEC Domestic prices Vietnam’s average domestic coffee price for Robusta common ungraded coffee beans in MY 2010/2011 moved in-line with the increases of coffee prices in the global market. Table 6: Average domestic prices for Robusta coffee beans in Major Coffee Growing Provinces in MY2010/2011 Com Oct. Nov Dec. Jan. Feb. Mar Apr. May June July Aug Sept Ave price mon 2010 . 201 201 201 . 2011 201 201 201 . . for coffee 201 0 1 1 201 1 1 1 201 201 MY2010/ beans 0 1 1 1 2011 (VND/ kg) Dak 30,21 34,1 35,3 37,7 42,6 46,4 47,22 49,9 49,7 48,3 48,4 46,2 Lak 0 80 90 30 30 10 0 60 30 70 70 30 43,044 Lam 30,21 34,1 35,3 37,7 42,4 46,2 47,12 49,8 49,6 48,2 48,3 46,1 Dong 0 90 80 20 40 70 0 60 30 70 60 30 42,965 Gia 30,16 34,0 35,2 37,6 42,4 46,3 47,20 49,8 49,6 48,2 48,3 46,1 Lai 0 50 60 90 40 30 0 60 30 70 60 30 42,948 Dak 30,16 34,0 35,3 37,7 42,7 46,4 47,28 49,9 49,7 48,3 48,4 46,2 Nong 0 70 10 80 70 60 0 60 30 60 70 30 43,048 Source: Vicofa, Buon Ma Thuot Coffee Exchange Center (BCEC) Exchange rates: US$1 = VND 20,708 as of Oct. 17, 2011; US$1 = VND 21,011 as of Nov. 1, 2011 (Source: State Bank of Vietnam) Table 7: Average Prices for Robusta Beans in Dak Lak Province (MY 2008/2009-2010/2011) Common Coffee Bean Month MY 08/09 Changes MY 09/10 MY 10/11* MY 10/11 over (VND) (VND) (VND) MY 09/10 (%) October 23,400 24,400 30,210 24% November 25,700 24,100 34,190 42% December 24,800 24,200 35,390 46% January 25,300 24,000 37,730 57% February 25,200 23,200 42,630 84% March 24,200 23,300 46,410 99% April 24,800 24,300 47,220 94% May 25,000 24,300 49,960 106% June 24,100 26,000 49,730 91% July 24,400 29,400 48,370 65% August 24,500 29,300 48,470 65% September 24,900 29,200 46,230 58% Average price for MY 24,692 25,475 43,045 69% Source: Dak Lak Trade, Investment & Tourism Promotion Center (Daktip); *Vicofa and BCEC Table 8: Vietnam’s Coffee Prices in October 2011 Source: Buon Ma Thuot Coffee Exchange Center (BCEC) Stocks: According to local traders, coffee growers have been selling almost all of their coffee beans due to high prices, and they are currently holding very limited on farm stocks. Therefore, Post revises MY 2011/2012 coffee carry-in stocks lower to 381 thousand 60kg-bags, or about 23 thousand MT-GBE accordingly. Local traders said that the exports in October and November would come from exporters' stocks and bonded warehouses of foreign trading houses, and local exporters have very little warehouse stock. Vicofa recently asked GVN to provide support in the form of preferential loans for the stockpiling of 300,000 MT of coffee beans in the new crop year 2011/2012. Graph 11: Vietnam’s Coffee Bean Ending Stock, MY2007/08 – MY 2010/2011 Source: USDA; Vicofa and BCEC Policy: GVN approved $3 million project to produce coffee, cocoa seeds and saplings The Ministry of Agriculture and Rural Development has approved a project which aims to support the production of coffee and cocoa seeds and saplings. The VND 66.2 billion (US $3.17 million) project in the 2011-2015 period, to be carried out by the Western Highlands Agro-Forestry Scientific and Technical Institute, is expected to supply 23 tons of good quality coffee seeds and two million coffee saplings per year. Vicofa lobbies government for preferential loans for local exporters Local coffee exporters in Vietnam recently proposed through Vicofa to the GVN to receive preferential loan rates for the purchase of domestic coffee. Currently local companies are charged more than 20 percent interest while foreign competitors are only charged around 3.5 percent. Vicofa also asked authorities in coffee growing provinces to clamp down on foreign businesses setting up “illegal buying networks”. However, it is likely that these measures will only be temporary since Vietnam will soon fully open its coffee market to foreign wholesalers in accordance with its World Trade Organization (WTO) commitments. Vicofa reported that the volume of coffee beans currently bought by foreign companies accounts for 60 percent of the total coffee beans sold in the local market. GVN drafts better regulations for coffee export and trading Recently MARD and the Ministry of Industry and Trade (MOIT) drafted regulations covering coffee trading and exporting conditions to encourage the development of Vietnam’s sustainable coffee industry. According to the draft rule, the most important conditions that each exporter should meet are: (1) the export of at least 5,000 tons per year for two consecutive years, (2) possession of warehouses, (3) capability to process at least 5,000 tons per year; and (4) maintain a system of transparent finances. About 40 percent of coffee companies in Vietnam can meet these conditions, according to VICOFA. Currently, there are more than 150 coffee exporters; VICOFA and the GVN think this is too many. Post expects the new rule to be officially issued, approved, and implemented before the end 2012. Marketing: INDUSTRY ACTIVITIES Vicofa signs cooperation agreements with local banks to support Vietnam’s coffee industry Recently, Vicofa signed cooperative agreements with local banks to support Vietnam’s coffee industry for the new coffee crop. Banks, including Agribank and Techcombank, agreed to allocate adequate budgets for the purchase of new crop coffee. Agribank committed to allocate approximately VND 5,000 billion (about $250 million) and Techcombank committed to allocate VND 2,000 billion (about $100 million) for the coffee industry. Post does not expect this increased access to capital to have much impact on the structure of the industry in Vietnam. The large international companies will continue to dominate the domestic purchasing of coffee. Group of 20 local exporters agree to stockpile about 300,000 MT of coffee beans in new crop year According to Vicofa, the group of 20 local leading exporters (G20) recently agreed to stockpile about 300,000 MT of coffee beans in the new crop year in order to control supply in the local market. Vicofa hopes this supply will help to mitigate the impact of price fluctuations. In addition, other members of Vicofa intend to stockpile about 425,000 MT of coffee beans. Vietnamese coffee brand, G7, sells for first time in US and Korean supermarket stores According to Trung Nguyen Coffee Company, its G7 instant coffee brand is the first Vietnamese coffee brand to be sold in the U.S. and in South Korea. It is carried by Costco and E-mart stores, respectively. The first order from Costco of 100 containers, and from E-mart of 15 containers, will be delivered in December 2011. Vietnam’s largest coffee growing province Dak Lak to sue Chinese Company for Buon Ma Thuot Coffee Brand Currently, a Chinese Company -- the Guangzhou Buon Ma Thuot Coffee Limited Company -- uses the Buon Ma Thuot Coffee Brand in China. The People’s Committee of the Dak Lak province in the Central Highlands authorized the Buon Ma Thuot Coffee Association to file a claim for the revocation of the protected Buon Ma Thuot coffee brand name in China. The Association will also represent the province to register for the protection of a collective “Buon Ma Thuot Coffee” brand name in accordance with the Madrid Agreement Concerning the International Registration of Marks. Production, Supply and Demand Data Statistics: Table 9: Vietnam’s Coffee Production, Supply and Demand (PSD) Coffee, Green Vietnam 2009/2010 2010/2011 2011/2012 Market Year Begin: Market Year Begin: Market Year Begin: 1000 HA, MILLION TREES, Oct 2009 Oct 2010 Oct 2011 1000 60 KG BAGS USDA New USDA New USDA New Official Post Official Post Official Post Area Planted 536 0 0 0 0 0 Area Harvested 504 0 0 0 0 0 Bearing Trees 629 0 0 0 0 0 Non-Bearing Trees 80 0 0 0 0 0 Total Tree Population 709 0 0 0 0 0 Beginning Stocks 2,307 2,308 1,140 1,776 895 381 Arabica Production 450 450 575 585 675 750 Robusta Production 18,050 18,050 18,150 18,165 19,925 19,850 Other Production 0 0 0 0 0 0 Total Production 18,500 18,500 18,725 18,750 20,600 20,600 Bean Imports 50 51 80 175 125 185 Roast & Ground Imports 0 1 0 1 0 1 Soluble Imports 25 25 25 25 25 25 Total Imports 75 77 105 201 150 211 Total Supply 20,882 20,885 19,970 20,727 21,645 21,192 Bean Exports 18,425 17,679 17,550 18,783 19,000 19,000 Rst-Grnd Exp. 50 50 50 50 50 50 Soluble Exports 195 180 275 180 300 250 Total Exports 18,670 17,909 17,875 19,013 19,350 19,300 Rst,Ground Dom. Consum 950 1,080 1,050 1,198 1,150 1,320 Soluble Dom. Cons. 122 120 150 135 175 180 Domestic Use 1,072 1,200 1,200 1,333 1,325 1,500 Ending Stocks 1,140 1,776 895 381 970 392 Total Distribution 20,882 20,885 19,970 20,727 21,645 21,192 Exportable Production 17,428 17,300 17,525 17,417 19,275 19,100 Source: USDA/FAS Table 10: Green coffee export trade matrix MY09/10-MY10/11 Country Vietnam Commodity Coffee, Green Time Period Oct.- Sept. Units: MT Exports for: 2010 2011 U.S. 167,308 U.S. 155,235 Others Others Germany 141,714 Belgium 139,984 Spain 87,247 Germany 132,422 Italy 72,897 Italy 101,311 Japan 47,727 Spain 73,459 Belgium 42,942 Japan 46,154 South Korea 30,406 South Korea 36,548 Philippines 29,958 Netherlands 33,377 United Kingdom 27,188 Thailand 32,726 Russia 25,998 China 31,925 Total for Others 515,075 783,141 Others not Listed 378,383 188,797 Grand Total 1,060,766 1,127,173 Source: MARD Table 11: Green Coffee Import Trade Matrix for MY2009/2010-MY2010/2011 (Oct.-Sept.) Country Vietnam Commodity Coffee, Green Time Period Oct.-Sept. Units: MT Imports for: 2010 2011 U.S. 0 U.S. 0 Others Others Indonesia 844 Laos 6,015 Laos 819 Indonesia 1,577 Cote Devoir 257 Uganda 948 China 436 Brazil 126 Tanzania 73 Total for Others 2,555 8,540 Others not Listed 507 1,949 Grand Total 3,062 10,489 Sources: Vicofa; General Customs Office; General Statistics Office
Posted: 26 December 2011

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