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ICO Composite Indicator Price rebounds in March 2022 on sustained demand: ICO report

ICO

The International Coffee Organization’s (ICO) April 2022 market report shows its composite indicator of coffee prices gained 1.8 per cent from March to April 2022, averaging 198.37 US cents per pound.

Global exports of green beans in March 2022 totalled 11.79 million 60-kilogram bags, compared with 11.48 million bags in the same month of the previous year, up 2.6 per cent.

The ICO says the Brazilian naturals and Robustas were the main forces behind the increase. A total of 3.58 million bags of Brazilian naturals and 4.65 million bags of Robusta green beans were shipped in March 2022 compared with 3.44 million bags and 4.31 million bags in March 2021, respectively, up 3.9 per cent and 7.8 per cent.

Th report shows global exports of all forms of coffee totalled 13.16 million bags, compared with 12.65 million bags in the same month of the previous year, up 4.0 per cent.

The higher increase was due to the 19.4 per cent rise in exports in Asia and Oceania shipping 5.03 million bags in March 2022 compared with 4.21 million bags in March 2021.

The ICO says this is largely due to export by Vietnam, which recorded an increase of 29.4 per cent in March 2022 up to 3.62 million bags from 2.8 million bags in March 2021.

The report shows in the current coffee year from October 2021 to March 2022, South America’s exports decreased by 12.1 per cent to 30.11 million. Central America and Mexico’s exports increased by 5.6 per cent at 6.5 million bags as compared with 6.16 million bags.

Exports from Africa totalled 6.25 million bags in October 2021 to March 2022 as compared with 6.34 million bags in the same period in coffee year 2020/21.

The latest provisional outlook for total production in coffee year 2021/22 remains unchanged at 167.2 million bags, a 2.1 per cent decrease as compared to 170.83 million bags of the previous coffee year.

World coffee consumption is projected to grow by 3.3 per cent, to 170.3 million 60-kilogram bags in 2021/22 as compared to 164.9 million for coffee year 2020/21. In 2021/22, consumption is expected to exceed production by 3.1 million bags.

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