NEW YORK — Global exports of green coffee increased 10.6 percent in the current 2023-2024 coffee season (October-September) according to data until the end of July to 103.08 million bags, the International Coffee Organization (ICO) said in a monthly report published on Thursday.
Importers continue to buy much more than they did in the last season, trying to replenish stocks as well as anticipate loadings, fearing the new European Union anti-deforestation regulation that enters into force next year may affect trade, the ICO has said.
Brazil and Colombia were responsible for most of the exports’ increase, sharply boosting their shipments of Arabica coffee, the type preferred by high-end cafés such as Starbucks.
Vietnam’s exports remain lackluster, falling 29 percent in July alone, which contributed to an overall smaller growth for global exports of the robusta coffee type, which is widely used to make instant coffee.
“Vietnam continues to struggle with tightness in their domestic supply having largely, according to various news outlets, depleted their stocks, while the country waits for the new crop to hit the market,” the ICO said.
The tightness in the robusta market drove the price of that type of coffee to average $2.1468 per pound in August, the highest in 47 years for the ICO Composite Indicator Price.
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