International Coffee Organization, News

I-CIP dips by 3.9 per cent in May 2024: ICO report

Coffee beans

The International Coffee Organisation’s (ICO) May 2024 market report shows its Composite Indicator Price (I-CIP) decreased 3.9 per cent from April to May 2024, averaging 208.38 US cents per pound, while posting a median price of 204.11 US cents per pound.

The May 2024 I-CIP is above the May 2023 I-CIP by 18.7 per cent, with the 12-month rolling average at 174.76 US cents per pound.

The Colombian Milds and Other Milds decreased by 3.4 per cent and 3.2 per cent, reaching 233.50 and 232.11 US cents per pound, respectively, in May 2024.

The Brazilian Naturals contracted 4.1 per cent to 209.78 US cents per pound in May 2024.

In terms of exports, global green bean exports in April 2024 totalled 10.77 million bags, compared to 9.34 million bags in the same month of the previous year, up 15.3 per cent.

The cumulative total for coffee year 2023/24 to April is 73.19 million bags, compared to 65.7 million bags over the same period a year ago, an increase of 11.4 per cent.

Exports of the Colombian Milds increased by 5.4 per cent to 0.86 million bags in April 2024, from 0.82 million bags in April 2023.

Green bean exports of the Brazilian Naturals increased in April 2024, rising by 44.9 per cent to 3.83 million bags, from 2.64 million bags in April 2023.

Similarly, green bean exports of the Robustas were up 13.4 per cent to 4.08 million bags in April 2024, from 3.6 million bags in April 2023.

According to the report, the Brazilian Naturals and Robustas were the two main groups responsible for the overall strong growth observed in April 2024.

In contrast, shipments of the Other Milds decreased by 9.1 per cent to 2.07 million bags from 2.28 million bags in the same period last year.

Regionally, South America’s exports of all forms of coffee moved the most, increasing by 44.5 per cent to 5.15 million bags.

Africa’s exports also rose greatly, increasing by 39.4 per cent to 1.37 million bags in April 2024, from 0.99 million bags in April 2023.

There was a slight dip in exports of all forms from Asia and Oceania, decreasing by 0.3 per cent to 3.78 million bags in April 2024.

The biggest drop in exports was coffee from Mexico and Central America, which were down 12.6 per cent to 1.66 million bags, as compared with 1.9 million in April 2023.

Total exports of soluble coffee decreased by 24.8 per cent in April 2024, to 1.06 million bags in April 2023.

Soluble coffee’s share in the total exports of all forms of coffee for the year to date was 9.0 per cent in April 2024, down from 9.3 per cent in the same period a year ago.

Exports of roasted beans were up 25.3 per cent in April 2024 to 66,240 bags, compared with 52,861 bags in April 2023.

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