Informist, Monday, Feb 14, 2022
NEW DELHI – Global prices of coffee rose 0.6% to 204.29 cents per pound in January, according to the International Coffee Organization’s composite indicator.
The composite indicator has shown a month-on-month increase for 16 months in a row.
“2021 witnessed a consistent rise in the ICO (International Coffee Organization) composite indicator, which continued in January 2022,” a report by the organisation said, adding that the yearly average of 152.16 cents per pound in 2021 constitutes an annual rise of 41% from 2020, when the composite averaged 107.95 cents per pound.
However, the intraday volatility of the composite indicator price decreased by 1.8 percentage points to 8.3% in January, as per the report.
Total production in 2020-21 (Oct-Sep) coffee year is pegged 0.1% lower at 168.9 mln bags (1 bag = 60 kg) as compared to 169.0 mln bags, according to the report. Production of arabica coffee increased 2.2% to 99.3 mln bags, while that of robusta coffee declined 3.2% to 69.6 mln bags in the coffee year ended September, the report said.
Coffee output in South America is likely to have risen 0.6% to 81.7 mln bags in 2020-21, and in Central America and Mexico, production is estimated at nearly 20.0 mln bags, 2% higher from the previous year, the report said.
In 2020-21, global coffee consumption increased 2% to 167.7 mln bags, while the production-consumption gap reduced to 1.2 mln bags, according to the report.
Globally, exports of all forms of coffee rose by 8.9% in December to 12.1 mln bags as compared to the same month in 2020. The total rise in exports in December was driven by Asia and Oceania as both regions exported 4.71 mln bags, which was 37.4% higher on year.
Exports in the first quarter of 2021-22 (Oct-Dec) increased to 11.04 mln bags as compared with 8.51 mln bags in the same period a year ago for Asia and Oceania.
“The three largest exporters of Asia and Oceania (India, Indonesia and Vietnam), combined to account for 50.8% of the absolute growth for the quarter as the three countries increased their exports by an additional 1.32 mln bags to 10.62 mln bags,” according to the report. End
Reported by Puja Das
Edited by Maheswaran Parameswaran
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Source: Cogencis
