The current Ethiopian fiscal year has seen the continual increment of green coffee exports equaling 109,000mt worth of $417MM just over the past 4 months accounting for 40% of the total volume supplied the previous year. Farmers are selling cherries at $1.12 /kg double the amount sold the previous year. But not all green coffee exporters are enjoying these changes. Some of these exporters do compensate for their losses through their import trades. Amidst these developments, we constantly work in getting close to farms while capitalizing on the most updated market solutions in keeping our commitments with our green coffee importing partners.
Global consumption jumps 1.5 million bags to 164.9 million, with the European Union, the United States, and Brazil seeing the most growth. According to prior estimates, the frosts affected between 8 and 10% of Brazil's Arabica coffee region. The damage however predominantly attacked the leaves and branches. The majority of the harvest had already been accomplished prior to the onset of the freezing conditions. As a result, Brazil's output in 2021/22 is likely to remain constant from the early June 2021 prediction, falling 13.6 million bags from last year's record crop to 56.3 million bags. These worries, combined with supply chain interruptions, have pushed the ICO’s monthly composite price index for November 2021 up 70% to $1.95/Ib.
