NEW YORK, Sept 1 (Reuters) – Global exports of coffee fell 11% in July compared to the same month a year earlier, to 10.61 million bags, the International Coffee Organization (ICO) said on Tuesday, projecting a small surplus on the global supply balance for the 2019-20 season.
The ICO still sees global coffee consumption rising 0.3% in the 2019-20 season (October-September), despite the coronavirus pandemic, to 168.39 million bags. With production seen at 169.34 million bags, the balance was projected at a surplus of 952,000 bags.
Although small, the surplus is a reversal from the intergovernmental organization’s monthly projection in August, when it saw the balance at a deficit of 486,000 bags.
The report considers Brazil’s past year production, which was seen at 58 million bags. The country’s current crop, which will be accounted for in the global 2020-21 season, is seen at a record near 68 million bags.