ICO Revises Global Coffee Production By 2 percent For 2017/18
The International Coffee Organization flagged a “well supplied” coffee market as it ditched an estimate of a global production deficit last season – and lowered ideas on shortfalls for the two previous years too.
The ICO, which had estimated world coffee production in 2016-17 at 1.19m bags behind consumption, revised its forecast to show a surplus of 2.38m bags for the season, which ended in September.
The revision reflected an upgrade, “on the basis of new information from member countries”, of 3.57m bags to 157.4m bags in the estimate for world production. Meanwhile, the organisation held at 155.1m bags its estimate for world consumption.
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