| Date: |
02-07-2011 |
| Subject: |
Record Coffee Exports Hit Domestic Stocks |
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Soaring coffee prices in the international market may have pushed up exports significantly in the past one year in coffee producing countries including India, but the record exports have hit their domestic stocks considerably.“The coffee stock position in India is in very bad shape due to sudden spurt in coffee exports in the past 18 months,” said G Manjunath, MD of Bangalore-based Sivadarsh Exports.
He said the availability of good coffee from the estates has become rare as the traders are rushing to buy them in bulk to meet their export requirements.
According to latest figures released by International Coffee Organisation (ICO), India recorded the highest level of exports ever in the first six months of the current coffee year ending March 2011. During October-March 2011, India exported 2.89 million bags (60 kg a bag) compared to 1.74 million bags in the same period a year ago, recording a year-on-year jump of 65%.
An official attached to the government-owned Coffee Board said, “Till date in the current crop year, the country has exported 2.84 lakh tonnes of coffee. The total production is estimated to touch 2.99 lakh tonnes.” Almost 80-85% of harvested crop has been already shipped.
During the first six months of the crop year, 11 major coffee producing countries including India exported 52.92 million bags, up from 45.84 million bags recorded a year ago.
During this period, exports jumped significantly in Ethopia with an increase of 104% followed by India at 65%, Columbia 36%, Honduras 31%, Peru 28%, Brazil 19% and Vietnam 12%.The world coffee exports touched 101 million bags in the fiscal ended March 2011, the highest level ever recorded.
Increased exports seem to have been driven not only by current price levels but also by the continued dynamism of consumption, said ICO’s executive director in his latest note. The volume of opening stocks in the current year is around 13 million bags, a fall of 36.7% compared to the level of opening stocks recorded for the previous crop year.
Source : financialexpress.com
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