Coffee exports hit a new high in FY12
Michael Chen
Senior Web Developer
Contrary to earlier forecasts, coffee exports have touched a new high for the last fiscal. Shipments went up by 17% over last year to touch 3,48,029 tonne in 2011-12, according to initial estimates.
A few months ago, the coffee industry was expecting annual exports to drop by 10-15 % following a debt crisis in Europe, which remains the largest consumer of Indian coffee. Apart from the fall in global coffee prices, the removal of DEPB system -- an export incentive scheme -- also hit exports towards the end of the year.
But shipments during the first three quarters were enough to take exports to a new peak. The 2.97 lakh tonne export in 2010-11 had been the highest till now. Both Arabica and Robusta prices shot up during the first few months of the fiscal. The unit value of Indian coffee rose by as much as 20% to Rs 1.40 lakh per tonne. Rupee depreciation was an added advantage.
"The global market is weak at present with a slump in Arabica prices. The sentiment may remain weak with the largest producer Brazil all set for a good crop," Ramesh Raja, president of Coffee Exporters Association of India, said. Coffee harvest in the country is nearly over. Coffee Board's estimate show a 10% rise in Arabica crop at 1.04 lakh tonne and about a 5% increase in Robusta at 2.17 lakh tonne. But growers say while the Arabica production is true to estimates, the Robusta crop has been lower by around 10%. This could hit exports for the next year. Normally, exports comprise 70% of production. In 2010-11, this is reported to have gone beyond 90% with the supply strengthened by a carryover stock from previous years.
Source: economictimes.indiatimes.com/markets/
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