Source: Agencies06 Sep 2015 17:34:48
New Delhi, September 6: Coffee exports jumped by 14% to 1.43 lakh tonnes during April-August period of this fiscal year from 1.26 lakh tonnes in the year-ago period despite lower global prices, according to the Coffee Board.
In value terms, coffee exports rose about 12% to Rs 2,414 crore in April-August 2015, from Rs 2,148 crore in the year-ago period, Coffee Board data showed. Coffee exports witnessed a surge despite lower realisation of Rs 1,68,366 per tonne during the period against Rs 1,70,352 per tonne last year.
Export realisation remained lower due to fall in global prices reacting to the currency depreciation in Brazil. India exports both Arabica and Robusta varieties, besides instant coffee. Major export destinations for coffee are Italy, Germany, Turkey, Russia and Belgium, among others.
According to the International Coffee Organisation (ICO), while the global coffee market seems to have no immediate supply concerns, stock levels in most producing countries are waning. While there is a moderate buffer in importing country warehouses, this may not be sufficient to cover any significant negative shock to production.
"This could leave the market highly susceptible to a rapid surge in prices, as seen previously in March 2014 and early 2011, if production fails to meet expectations," ICO said in its latest report.
India's coffee production is expected to touch a new peak of 3,55,600 tonnes in the 2015-16 marketing year (October-September) as the crop prospects are encouraging due to adequate rains in most growing states, as per the Board's first estimate.
The country's total coffee output has reached a record 3,27,000 tonnes in the ongoing 2014-15 coffee year.