Coffee Market Report – January 2024 Highlights
Coffee Market Report – January 2024 Highlights
1. I-CIP Rises for Third Consecutive Month:
- The ICO Composite Indicator Price (I-CIP) averaged 176.41 US cents/lb in January, marking a 0.4% increase from December 2023.
- The I-CIP reached its highest level in ten months, signaling a steady upward trend.
2. Green Coffee Price Trends:
- Colombian Milds and Other Milds experienced a 2.4% and 3.5% decrease, respectively, in January 2024.
- Brazilian Naturals saw a decline of 3.2%, while Robustas exhibited the most significant increase of 9.6%, reaching its highest level in nearly 30 years.
- Concerns over supply in Indonesia and Vietnam drove Robustas prices, supported by record-low ICE inventories.
3. Global Green Bean Exports:
- December 2023 witnessed a 12.6% increase in global green bean exports, totaling 10.87 million bags compared to 9.66 million bags in the same month of the previous year.
- Brazilian Naturals, Colombian Milds, and Robustas recorded notable export growth, reflecting diverse regional performances.
4. Exports by Regions:
- South America’s exports surged by 25.4% to 5.72 million bags in December 2023, led by significant increases in Brazil and Peru.
- Asia & Oceania experienced a 5.7% growth in exports, driven by positive performances from Indonesia, India, and Vietnam.
5. Soluble Coffee and Roasted Beans:
- Soluble coffee exports increased by 25.7% in December 2023, reaching 1.24 million bags, with Brazil as the largest exporter.
- Exports of roasted beans declined by 15.0% in December 2023.
6. Production and Consumption Outlook:
- World coffee production increased by 0.1% to 168.2 million bags in coffee year 2022/23 and is anticipated to grow by 5.8% to 178.0 million bags in coffee year 2023/24.
- World coffee consumption is expected to rebound by 2.2% to 177.0 million bags in coffee year 2023/24 after a 2.0% decrease in the previous year.
7. Supply/Demand Balance:
- The world coffee market is expected to run a surplus of 1.0 million bags in coffee year 2023/24.
These key findings from the Coffee Market Report for January 2024 highlight the dynamic nature of the coffee industry, with fluctuating prices, regional variations, and shifts in supply and demand influencing the global market. Stakeholders will closely monitor these trends for strategic decision-making in the coffee sector.