‘A substantial reduction of world production is expected in coffee year 2021/22 as some important origins have been affected by climate-related shocks. Total supply is expected to fall below world consumption,’ said the inter-governmental body.
It did not give a figure for its projected deficit next season, but raised its 2020/21 surplus estimate to 2.6 million bags from 2.30 million bags in its June report, primarily due to a reduced consumption projection.
Consumption is now seen at 167.01 million bags this season from a 167.58 million bag projection in its June report and below the 167.6 million seen before pandemic.
Global coffee exports totalled 10.65 million 60-kg bags in July, up 1.7% from July 2020, the ICO said, adding exports for the first ten months of the season rose 2.2% year-on-year to 108.96 million bags.
pgh/Pll/ oda / lpn/gdc