Global coffee exports up 38 percent in January 2024
KAMPALA, March 6, 2024 – Global green bean exports in January 2024 totalled 11.55 million bags, as compared with 8.51mln bags in the same month of the previous year, up 35.8 percent, the International Coffee Organisation [ICO] says in its Coffee Market Report February 2024.
According to ICO, these are the largest January exports on record, beating the previous record set in 2019 of 10.39mln bags. “Despite this, the magnitude of the latest increase in exports of green beans is a more reflection of a favourable base effect and a comparative normalisation of supply after the January 2023 exports fell by 17.1 percent to 8.51 million bags, the lowest January exports since 8.07 million bags in 2014.”
As a result, ICO says, the cumulative total for coffee year 2023/24 to January is 40.87mln bags, as compared with 35.87mln bags over the same period a year ago, up 14.2 percent.
Africa
The report says exports of all forms of coffee from Africa increased by 6.5 percent to 1.02mln bags in January 2024 from 0.96mln bags in January 2023. For the first four months of coffee year 202 totalled 4.08mln bags as compared with 4.15mln bags in coffee year 2022/23, down 1.7 percent.
According to the report, Ethiopia was the driving force behind the region’s increased exports in January 2024, with the origin’s own exports having increased by 159.5 percent to 0.24mln bags from 0.1mln bags in January 2023. The size of the rebound is a reflection of a favourable base effect and a comparative normalisation of market circumstances.
Contract disputes arising from a mismatch between local purchasing prices and global market prices had affected the volume of exports since the beginning of 2023, leading to the lowest January shipment since 2010. The disputes appear to have now been resolved, leading to the normalisation of exports.
South America
In January 2024, South America’s exports of all forms of coffee increased by 25.4 percent to 5.41mln bags, according to the report. “The source of the strong positive growth is Brazil, which saw its exports increase by 27.7 percent in January 2024 to 3.98 million bags – the biggest January exports on record for the origin. The recovery of Brazil’s export volume is a reflection of a favourable base effect after the January 2023 exports fell by 17.6 percent to 2.86 million bags, the lowest January exports since 2.72 million bags in 2017.”
Mexico & Central America
All forms of coffee from Mexico & Central America were down 7.7 percent to 1.11mln bags, as compared with 1.2mln in January 2023. Total exports are only up 0.5 percent for October 2023 to January 2024 at 2.62mln bags, as compared with 2.61mln bags for the same period a year ago.
Asia & Oceania
On the other hand, the report says, exports of all forms of coffee from Asia & Oceania increased by 47.1 percent to 5.08mln bags in January 2024. “The source of the double-digit growth is Vietnam, which saw its exports increase by 66 percent to 4.06 million bags in January 2024 from 2.44 million bags in January 2023. These are the largest monthly exports ever recorded, beating the previous record of 3.62 million bags shipped in March 2022.”
World coffee production
World coffee production increased by 0.1 percent to 168.2mln bags in coffee year 2022/23. “The stagnant growth rate belies the tremendous changes at the regional level, with the coffee world neatly split between the expanding Americas and the shrinking rest of the world.”
“Asia & Oceania and Africa’s 4.7 percent and 7.2 percent decreases in production to 49.84 million bags and 17.9 million bags, respectively, can be attributed to adverse weather conditions negatively affecting key producers in the regions, particularly Vietnam, Côte d’Ivoire and Uganda,” says the report.
https://thecooperator.news/ugandas-annual-coffee-exports-rise-7-percent/
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