Firm: Covid affecting vanilla trade

A VANILLA beans trading company says the Coronavirus (Covid-19) pandemic has affected the vanilla business in the country.
Intake Vanilla Niugini Ltd, a subsidiary of the Papindo group of companies, a well-known vanilla buyer established in Maprik in 2002, was responding to concerns raised recently by vanilla farmers.
“Due to Covid restrictions imposed by overseas markets, we are unable to export the beans,” company spokesperson Bob Wally said.
“But that does not mean the demand is not there.”
Wally said harsh restrictions had been imposed on shipment and other areas which caused the company to stock up vanilla beans worth thousands of kina at their main office in Lae.
“Vanilla exports bring in foreign currencies into the country which is good for the country’s economy,” he said.
The company was aware that the low prices had a devastating impact on vanilla farmers and the local economy but the challenges were beyond their control.
Wally said to provide suppliers with little incentives during the pandemic, the company had been buying vanilla beans despite the challenges.
He also confirmed that there had been slight changes to the price.
“Vanilla beans were bought at K120 per kilo, as of last week.
“The price has increased to K180.”