Global coffee prices soared to their highest level in 13 years in June 2024, with an 8.9% increase from the previous month, as reported by the International Coffee Organization (ICO). The ICO Composite Indicator Price averaged 226.83 US cents per pound, reflecting an upward trend that followed a significant market adjustment in May. The price surge is largely attributed to anticipated poor harvests in major coffee-producing countries like Vietnam, Indonesia, and Brazil for the 2024/2025 coffee year. This rise in prices has had varied impacts on coffee-producing nations, with Colombian mild coffee prices increasing by 7.2%, other milds by 7%, and Brazilian natural coffee by 9.3%. Despite the price hike, global exports of green coffee beans saw a notable increase in May, totaling 10.7 million 60-kilo bags, a 12% rise from the previous year. Regional exports experienced mixed results; South America saw a dramatic 59.6% increase, while Asia and Oceania faced a 39.3% decrease. Africa's exports rose by 44.8%, and Mexico and Central America's exports slightly increased by 0.2%. The fluctuations in the market underscore the complex dynamics influencing global coffee prices and highlight the ongoing challenges faced by producers in different regions.
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