The inter-governmental body warned however, that the market balance may shift markedly due to a potential downturn in the world economy, increased production costs and reduced consumption and imports due to the Russia-Ukraine conflict.

The ICO pegged 2021/22 global coffee production at 167.2 million 60 kg bags, down 2.1% year on year, and consumption at 170.3 million bags, up by an annual 3.3%.

It said global exports of green beans in February totalled 9.88 million bags, down from 10.24 million bags a year ago. Exports reached 47.18 million bags in the first five months of the coffee year, a 3% year-on-year decrease.

Brazil continues to face issues with availability of shipping containers, though these have improved in recent weeks, the ICO said.

(Reporting by Maytaal Angel; Editing by Emelia Sithole-Matarise)

News Source