Exports of the more highly prized arabica coffee, the mild type preferred by coffee shop chains such as Starbucks, increased 1.4% to 7.07 million bags, mostly due to higher shipments from the two leading producers of the variety: Brazil and Colombia.
Shipments of robusta coffee, which is mostly used to make instant coffee, rose 1% to 4.03 million bags, the ICO said, adding that it kept its projection for global coffee consumption to grow 3.3% in 2021/22 (Oct-Sept) to 170.3 million bags.
Some traders and analysts have raised worries recently about demand for coffee due to high living costs and the prospect of a global recession. The report, however, shows that coffee flow to consuming countries is still firm.
The ICO also kept unchanged its estimate for a deficit of 3.1 million bags in the global supply balance in 2021/22, seeing total production at 167.17 million bags.