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| Record global coffee exports in April '10-March '11: ICO |
| Press Trust of India / New Delhi May 16, 2011, 16:38 IST |
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Global coffee exports increased by more than 7% to 101 million bags between April 2010, and March 2011, the highest level ever recorded, on the back of increased consumption and increased prices, the International Coffee Organisation (ICO) said.
Total exports internationally in the year-ago period stood at 94 million bags (one bag equals 60 kg), the global body on coffee said.
"Total exports in the last 12 months (April 2010-March 2011) reached 101 million bags, the highest-ever recorded. Increased exports seem to have been driven not only by current price levels, but also by the continued dynamism of consumption," ICO said.
However, it pointed out that the cost of important production factors, like transport and fertilisers, in the coffee supply chain has been increasing due to the continued price rise of oil products.
Exports in the first six months of the coffee year (October, 2010-September, 2011), also reached the highest level on record, at nearly 53 million bags, as against 45.8 million bags in the year-ago period, an increase of 15.4%. The global body on coffee said that the strong export performance is unlikely to favour the reconstitution of stocks in exporting countries.
"The level of exports in the period is the highest on record. This strong export performance is likely to delay the reconstitution of stocks in exporting countries," it said.
The opening stock in the 2010-11 crop year was around 13 million bags, a fall of 36.7% from 20.52 million bags in the corresponding period of the previous year, it added.
"However, current price levels are likely to encourage investment in the upkeep and renewal of coffee trees, although the increased cost of agricultural inputs might be a limiting factor," the ICO noted. According to the coffee industry in India, the stocks will remain low in the current fiscal.
"The stock has been low due to the strong exports in the past fiscal and we expect the stock to remain low in the current 2011-12 fiscal," All-India Coffee Exporters' Association President Ramesh Raja said.
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