Harvest updates
As of February 28, 2020, the ECTA in coordination with the National Bank of Ethiopia has been setting the minimum export price for coffee which is set weekly. This directive is called “Export coffee contract administration “covering every grade, processing & region of coffee. The weekly price is a weighted average price of various factors including the average cost of daily labor, production cost, cherry price, and the C Market price. As we approach the 2021/22 crop prices are starting at 3.77$/lb.for the most renowned regions such as Yirgacheffe, Guji & Sidamo. This has seen a 20%-30% increase year on year for the past 2 years for Grade 1 of the above coffees. Our ongoing meticulous preparation for the year has enabled us to navigate the market in many comfortable manners.
We are receiving harvests and started processing since last week across Guji, Shakiso & Sidama with a lot going on at Benchimaji, Yirgacheffe. At Guji Hambella, the colder weather in this micro-climate has delayed the harvest by a few weeks, but cherry maturation is looking great and we're expecting farmers to start delivering cherries next week.
ECTA recently reported its collective updates shipment for 2021/22 FY with Germany, Saudi Arabia, and Belgium being the top 3 importing destinations respectively. Germany’s green coffee imports had a share of 26% with 27,874mt worth of 90.85 mm USD, Saudi imported 15,928 mt (15%) worth of 46.83mm USD, while Belgium's import saw 11,023mt valued at 46.43mm USD. Few changes in rank took place as Belgium pushed the US took third place while Taiwan ranked the10th destination replacing Australia. Japan, South Korea, Italy, China & France, took the ranks from 5th -9th. The top 10 destinations accounted for 83 % of import volumes & 82 % of revenues. This has seen an increase of 77 % in import volumes & 88% in revenues compared to 2020’s same period.
