Global coffee exports grew to 121.8 million 60-kilo bags in 2017/18, according to the International Coffee Organization (ICO). In the 12 months ending September, arabica exports totaled 70.95 million bags. Robusta exports were 39.24 million bags, compared to 38.87 during the previous harvest year. Coffee exports were up 2% compared to 2016/17.
“Total shipments of all forms of coffee increased in 4 out of the 10 largest exporters,” reports ICO. Consumption lags at 1.8% growth. ICO estimates production exceeded consumption by 1.59 million bags.
“This surplus and the higher volume of shipments contributed to the lower prices in 2017/18,” according to ICO. Monthly composite prices increased to $1.11 per pound in October.