Bangalore: India’s coffee exports are expected to cross the R4,000-crore mark in the current crop year, ending September thanks to the higher prices of the commodity in the international market.
According to statistics available with the state-owned Coffee Board, the country’s coffee export revenue increased by 90% to R3,610 crore during October to June 15 from R1,895 crore recorded in the same period a year ago. In dollar terms, it climbed to $789 million from $ 395 million during the period.
The volume of shipments jumped to 2.70 lakh tonne from 1.86 lakh tonne during the period. The unit value of the commodity increased to R1.33 lakh per tonne from R1.01 lakh for the same period.
In India, the crop year for coffee cultivation runs from October through September. For the current season, the planters have completed the harvest of both Arabica and Robusta. The exporters have already shipped more than 80% of harvested Arabica in the current season.
A Coffee Board official said the export revenue for the previous crop year stood atR2,754 crore. “We have already surpassed last year’s figure. With two more months left for the next crop year to commence, the shipments will increase as the exporters will clear their stocks on the back of prevailing higher prices for their commodity.
According to International Coffee Organisation (ICO) composite indicator price, the annual average coffee price for the year 2010 stood at 147.24 cents per pound. From January this year, the monthly average price of the commodity started increasing at alarming levels. From 197.35 cents in January, it increased to 231.24 cents in April. In May, the prices marginally declined to 227.97 cents but the exports says it will not go below 200 cents in near term.
Source: http://www.financialexpress.com/news/coffee-exports-set-to-cross-r4-000-cr/806818/0
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