Coffee review

ICO, an international coffee organization, released its October report: global coffee exports fell sharply

Published: 2024-02-29 Author: World Gafei
Last Updated: 2024/02/29, According to the latest report released by the International Coffee Organization (ICO), the average composite index price in October was 151.94 cents / lb, down 0.8% from September 2023; the median was 151.58 cents / lb, with monthly prices ranging from 145.99 cents / lb to 160 cents / lb.

According to the latest report released by the International Coffee Organization (ICO), the average composite index price in October was 151.94 cents / lb, down 0.8% from September 2023; the median was 151.58 cents / lb, with monthly prices ranging from 145.99 cents / lb to 160 cents / lb.

The report points out that except for the spot price of Robusta raw beans, which fell 4.1 per cent (118.83 cents per pound), the spot prices of other Arabica raw beans have risen to varying degrees. Among them, Brazil had the highest sun growth rate of 0.9%, or 155.52 cents per pound.

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In addition to the spot price of raw beans, coffee stocks on ICE exchanges in the United States and ICEU exchanges in Europe have also changed greatly. Among them, the number of coffee stocks on the US ICE exchange decreased to 440000 bags, down 10.7 per cent from the same period last year; the number of coffee stocks on the European ICEU exchange dropped sharply to 670000 bags, down 7.9 per cent from the same period last year.

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According to the report, global exports of raw coffee beans totaled 7.8 million bags in September, down 11.6 per cent from 8.83 million bags in the same period last year. Except for the 6.7% increase in Colombian water washing exports, the other three major categories, such as washing, Brazil sun, and Robusta, all declined, down 13.1% and 13.4% respectively compared with last month.

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From all regions of the world, coffee exports have declined to varying degrees compared with the same period last year. Coffee exports from South America fell 3.4% from a year earlier to 4.74 million bags; coffee exports from Africa fell by 1.9%; coffee exports from Central America and Mexico fell by 9.2%; and coffee exports from Asia and Oceania fell by 35.7%.

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Looking back on the year 2022, the export volume of raw coffee beans decreased by 5.5% from 117 million bags in 2021 to 22, to 110 million bags. Of this total, Arabica exports fell 10.1 per cent from 74.63 million bags in the previous year to 67.05 million bags today, while Robusta exports increased to 43.76 million bags from 42.66 million bags in 2021 Universe 22, an increase of 2.6 per cent.

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The industry believes that due to the global economic turmoil, the market generally chooses the cheaper Robusta to replace the original Arabica coffee. At the same time, it may also be related to the reduction in global Arabica production.

Finally, ICO adjusts the global coffee production and consumption demand in 2021, and publishes the forecast of global coffee production and consumption demand in 2022. ICO expects global coffee production to grow 1.7 per cent to 171.3 million bags in 2022.

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In the 2021 coffee year, the rise in fertilizer prices and disadvantages offset the benefits of the Brazilian coffee production cycle, which eventually led to a total reduction in global production. Although the year 2022 / 23 is a small cycle of Brazilian production, the increase in the total amount of coffee in Africa and other places has also made up for the former, so there has been an increase in the global total.

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