The International Coffee Organization’s (ICO) September 2024 report reveals its Composite Indicator Price (I-CIP) averaged 258.90 US cents per pound, marking an 8.4 per cent increase from August.
According to the report, green bean exports surpassed 110 million bags for the second consecutive year, with a cumulative total of 113.81 million bags recorded for the coffee year 2023/24.
Prices for Colombian Milds and Other Milds rose by 5.9 per cent and 6.5 per cent, respectively, reflecting strong consumer demand as people returned to work after summer holidays. This demand was further fuelled by climate-related disruptions, including Typhoon Yagi, which caused significant logistical challenges.
The Colombian Milds–Other Milds differential shrank from 2.33 to 0.75 US cents/lb between August and September 2024.
Additionally, the intra-day volatility of the I-CIP retracted by 0.4 percentage points, averaging 10.5 per cent in September 2024.
Global green bean exports in August 2024 totalled 9.91 million bags, as compared with 9.11 million bags in the same month of the previous year, up 8.8 per cent, marking the tenth consecutive month of positive growth
Colombian Milds exports increased by 26.7 per cent in August, reaching 1.05 million bags compared with 0.83 million bags in August 2023.
Green bean exports of the Brazilian Naturals decreased in August 2024, falling by 0.2 per cent to 3.036 million bags from 3.042 million bags in August 2023. This is the first negative growth rate in the past 11 months for the group, mainly stemming from the change in the dynamics of the group’s largest producer and exporter, Brazil.
Meanwhile, Robustas exports rose by 14.3 per cent, highlighting strong contributions from Brazil, India, and Indonesia.
Shipments of the Other Milds increased by 5.6 per cent in August 2024 to 1.99 million bags from 1.88 million bags in the same period last year.
Regional export trends showed Asia and Oceania up by 6.2 per cent, Africa by 29.5 per cent, and South America by 8.6 per cent, while Mexico and Central America faced a 28.7 per cent drop, as compared with the same time last year.
Total exports of soluble coffee increased by 13.3 per cent in August 2024 to 1.22 million bags from 1.08 million bags in August 2023. Meanwhile, exports of roasted beans were down 19.7 per cent in August 2024 to 47,730 bags, as compared with 59,417 bags in August 2023.
