Posted: Friday, Oct 09, 2009 at 2226 hrs IST
Bangalore: World carryover stocks of coffee, both in importing and exporting countries stood at around 40 million bags of 60 kilograms each at the start of the new crop marketing year that started October 1, 2009, said a top official of London-based International Coffee Organisation (ICO).
Talking to FE on the sidelines of the India International Coffee Festival 2009 (IICF 2009), ICO's executive director Nestor Osorio said we have information that stocks of around 15-17 million bags are available with exporting countries while around 25 million bags are lying with importing countries as on September 30.
Declining to provide world coffee production forecast of the new crop year 2009-10, Osorio said the size of Brazilian crop is very important in arriving at a final estimated of 2009-10.
The first estimate from Brazil will come only around December and only then the world crop out put for the new crop year could be estimated, he added. Brazil is the worlds largest coffee producer.
Earlier at an IICF's session held under the theme of 'Coffee Vision 2020', Osorio said value of exports of coffee has increased to $ 15.3 billion in 2008 from $ 8.2 billion in 2000 while consumption has also risen to 130 million bags from 104.7 million bags during the same period.
US topped the list of coffee consuming countries with a demand of 21.7 million bags in 2008, followed by Brazil at 17.9 million bags, Germany at 9.6 million bags, Japan at 7.1 million bags and Italy at 5.9 million bags.