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World's Most Oil-Dependent Country Looks to Coffee
Source: ABC News
World's Most Oil-Dependent Country Looks to Coffee
By SUSANNA KIM
Apr 7, 2016, 1:29 PM ET
The world's most oil-dependent country is hooked on coffee.
The United States Agency for International Development (USAID) announced today that it's investing $3.18 million to revive South Sudan's coffee industry from scratch in conjunction with coffee giant Nespresso and the nonprofit development group Technoserve.
The world's newest nation (it became independent through a referendum in 2011), South Sudan has been plagued by conflict and plunging oil prices for the last two years.
Excess oil supply is among the factors that have caused oil prices to drop in the last year. Oil prices fell more than 30 percent last year. That's a problem for a country whose exports are almost entirely oil (the country also exports scrap vessels, tanned sheep hides and raw cotton though at very small amounts compared to oil). The World Bank said oil exports comprise 60 percent of South Sudan's gross domestic product (GDP).
Though the country has a long coffee history, the local industry was largely destroyed during the civil war that began in December 2013. ...
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By SUSANNA KIM
Apr 7, 2016, 1:29 PM ET
The world's most oil-dependent country is hooked on coffee.
The United States Agency for International Development (USAID) announced today that it's investing $3.18 million to revive South Sudan's coffee industry from scratch in conjunction with coffee giant Nespresso and the nonprofit development group Technoserve.
The world's newest nation (it became independent through a referendum in 2011), South Sudan has been plagued by conflict and plunging oil prices for the last two years.
Excess oil supply is among the factors that have caused oil prices to drop in the last year. Oil prices fell more than 30 percent last year. That's a problem for a country whose exports are almost entirely oil (the country also exports scrap vessels, tanned sheep hides and raw cotton though at very small amounts compared to oil). The World Bank said oil exports comprise 60 percent of South Sudan's gross domestic product (GDP).
Though the country has a long coffee history, the local industry was largely destroyed during the civil war that began in December 2013. ...
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Read more: http://abcnews.go.com/Business/worlds-oil-dependent-country-coffee/story?id=38222110
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