NEW YORK/LONDON: World coffee exports rose to a record in the 2016-17 marketing year, International Coffee Organisation (ICO) data showed on Tuesday, while inventories of importing countries rose to an eight-year high.
Total coffee exports for the 2016-17 season (October-September) rose 4.8% to 122.45 million bags, ICO data showed.
The higher global exports occurred as stocks in importing countries hit an eight-year high in June at 25.4 million bags despite a third straight global deficit year.
Total 2016-17 exports of arabica rose 7.9% to 77.52 million bags, while robusta fell 0.2% to 44.93 million bags.
Total coffee exports in September, however, fell to 8.34 million 60-kg bags, down 14.8% year-on-year, monthly ICO data showed.
For September, arabica exports dropped to 5.48 million bags, down 9.2% from a year earlier, while robusta coffee exports fell 23.9% year-over-year to 2.86 million bags. - Reuters
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