The International Coffee Organization has recently released their updated report for 2017/2018.
Although there are still a few weeks left until the new year, it is clear to see that coffee exports and consumption have reached an unprecedented level.
Production predictions have changed.
In July, the International Coffee Organization predicted that worldwide coffee production in 2018 would be lower than 2017 by 0.3%.
This figure has now been reviewed and updated.
It is expected to reach a total production of 163.51 million bags which amounts to a 4.8% increase from 2017.
This unforeseen rise in production is partially responsible for the drop of coffee and coffee futures prices which has been registered at an average of 111.51 US cents per pound.
A new exports record.
Data are better than predicted for exports with a total of 121.86 million bags, over 2% higher than last year.
Both green Arabica and green Robusta have grown with the former reaching a total of 70.95 million bags while the latter amounted to 39.24 million.
Four out of ten of the biggest exporter countries have grown their exports numbers.
The largest increases have been recorded in:
- Brazil, 11.2%, at 15.52 million bags
- Vietnam, 21.7%, at 28.64 million bags
On the other hand, few countries struggled to reach last year’s performance. Indonesia had the strongest decline in exports, from 8.72 million bags to only 5.64 million, due to productivity and increase in domestic demand.
Asia and Oceania, the fastest growing markets.
2018 is not only a record year for exports but also for consumption.
The estimated total coffee consumption for the year is set at 161.93 million bags, an impressive 1.8% higher than 2017.
The markets where the growth has been more apparent are:
- Asia and Oceania, with a 3.1% increase and a total of 35.9 million bags
- North America, with a 2.6% increase and 30.34 million bags.
Consumption is also rising in all the other continents, even if at a slower pace than the above mentioned two.
Italian coffee aficionado, emigrated to Australia in 2013 and is always on the lookout for new and exciting coffee flavours and styles to discover. For about a year, he has been working as a freelance translator and content writer in both English and Italian.