In November 2021, coffee prices reached new multi-year highs, as the monthly average of the ICO composite indicator price was 195.17 US cents/lb, an increase of 7.5% as compared to 181.57 US cents/lb in October 2021, the International Coffee Organization (ICO) said in its latest monthly report.
These price levels during coffee year 2021/22 mark a significant and steady recovery from the low levels experienced over the four preceding coffee years, it said, adding that as coffee prices continued to increase, intra-day volatility in November 2021 of the ICO composite indicator price increased by 1.2 percentage points to 9.5% in November 2021.
Estimates of total production for coffee year 2020/21 remain unchanged at 169.64 million 60-kg bags. On the other hand, world coffee consumption is assessed marginally up in volume, now estimated to have increased to 167.67 million bags in 2020/21 as compared to 164.53 million bags for coffee year 2019/20, the report said.
The gap production-consumption is, therefore, reducing to 1.97 million bags.
According to the report, exports of all forms of coffee in October 2021 totalled 9.68 million bags, down 4.4% as compared to 10.13 million bags in October 2020. In terms of regional performance during the first month of coffee year 2021/22, exports of South America decreased by 20.6% to 4.94 million bags as compared to 6.22 million bags in October 2020/21. Exports of Asia & Oceania over the first month of coffee year 2021/22 increased by 25.8% from 2.49 million bags to 3.13 million bags in October 2021/22.
Central America and Mexico shipments during the first month of coffee year 2021/22 increased by 35.0% to 0.53 million bags, as compared to 0.40 million bags over the same period during coffee year 2020/21. Africa recorded an increase in export by 5.1% to 1.1 million bags in October 2021 as compared to 1.0 million bags in October 2020.