World coffee exports drop by 710,000 bags in March compared to year prior

World coffee exports amounted to 9.88 million bags in March 2012, compared with 10.59 million in March 2011, according to the International Coffee Organisation (ICO) trade statistics. The ICO reported that exports in the first six months of coffee year 2011/12 (October 2011 to March 2012) decreased by 2.3 per cent to 51.7 million bags compared to 52.9 million bags in the same period in the last coffee year. In the 12 months ending March 2012, exports of Arabica totalled 64.7 million bags compared to 67.3 million bags last year; whereas Robusta exports amounted to 38.6 million bags compared to 34 million bags a year prior. The ICO composite price for March 2012 averaged US$1.68 per pound, a drop of over 20 cents since January, when prices were at US$1.89. This is still significantly under the historical high of US$2.31 ICO composite price average in April 2011.