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Ethiopia's coffee beats odds at export market

Ethiopia’s coffee beats odds at export market

Image from Capitalethiopia

Africa’s coffee export registers reduction as of May while on the flipside Ethiopia’s export gained about a fifth increment in comparison to a similar period of 2021. Globally, coffee prices have shown a 4.5 percent gain in June.

The International Coffee Organization (ICO), an intergovernmental organization for the bean, through its monthly coffee market report indicated that some enhancement has been recorded in the June trading as compared to the preceding month which registered the lowest rate in the coffee year that started in October.

The monthly report stated that the ICO Composite Indicator Price (I-CIP) gained 4.5 percent from May to June 2022, averaging 202.46 US cents/lb (lb/ pound is roughly 0.45 kg) for the latter.
The I-CIP had lost 2.4 percent from April to May 2022, averaging 193.71 US cents/lb for the latter and average prices for all groups indicators decreased in May 2022.
In June 2022, the I-CIP fluctuated between 197.37 and 206.40 US cents/lb.

On its review, the market report added that the average prices for all groups indicators increased in June 2022, “the arbitrage between New York and London Futures markets developed an 8.5% increase, ranging from 124.30 to 134.90 US cents/lb from May to June 2022.”

It said that global exports of green beans in May 2022 totaled 9.75 million 60-kg bags, compared with 8.8 million bags in the same month of the previous year, up 10.7 percent.

Total exports of all forms of coffee were up 10 percent in May 2022, totaling 10.8 million bags, while in the first eight months of coffee year 2021/22 they reached 87.99 million bags, with a consolidated increase of 0.7 percent.

The report that has also classification on exporting areas and countries indicated that exports from Africa decreased by 0.9 percent to 1.29 million bags in May 2022 from 1.3 million bags in May 2021.
“For the first eight months of the current coffee year, exports totaled 8.65 million bags versus 8.82 million bags in coffee year 2020/21,” it said adding, “Uganda’s exports have continued to fall, decreasing by 7.9 percent in May 2022 and 4 percent in October 2021–May 2022, as compared with the same period a year ago.”

Lower production stemming from droughts in some areas of the country’s coffee-growing regions also continues to explain the fall in Uganda’s exports of coffee.

Tanzania’s exports are also down 3.6 percent in the first eight months of coffee year 2021/22 at 0.78 million bags as compared with 0.8 million bags in the same period last year, “meanwhile, exports from Ethiopia increased to 2.28 million bags in the same period, representing a rise of 18.9 percent from 1.91 million bags.”

For the ended budget year Ethiopia exported 300,000 metric tons of coffee which is the highest volume ever in the sector trading history.

The reporter added that world coffee consumption was still projected to grow by 3.3 percent to 170.3 million 60-kg bags in 2021/22 as compared to 164.9 million for coffee year 2020/21. In 2021/22, consumption is expected to exceed production by 3.1 million bags.

Global exports of green beans in May 2022 totaled 9.75 million bags, compared with 8.8 million bags in the same month of the previous year, up 10.7 percent. Three of the four groups also increased their exports in May 2022. Despite the double-digit increase in May, for the first eight months of coffee year 2021/22, exports of green beans totaled 79.24 million bags, up only 0.2% versus 79.09 million bags for the same period in coffee year 2020/21.

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