The New coffee year (October 2010-September 11) in India has started on a good note as coffee exports increased by a whopping 60% in the first month of the crop year.
According to statistics available with the state-owned Coffee Board, exports increased to 21,338 tonne in October 2010 from 13,295 tonne recorded in the same month a year ago.
According to International Coffee Organization (ICO) composite price indicator, currently the coffee price in the global market has topped US 170 cents per pound compared to the average price of 121 cents per pound recorded in October 2009. In October 2010, India?s foreign exchange through coffee exports increased to Rs 229 crore from Rs 146 crore.
In dollar terms, coffee exports fetched a foreign exchange of $ 50.32 million in October 2010 to the country, up from $ 28.82 million reported in the same month a year ago.
With fresh Arabica crop already hitting the market, analysts forecast that export volumes will further increase in the coming months.
In current coffee year that started on on October 1, the Coffee Board has projected a higher output for both Arabica and Robusta.
According to post-blossom estimates of the board, coffee output will touch 3.08 lakh tonne in the current coffee year compared to 2.89 lakh tonne harvested in the previous crop year.
Arabica output is expected to increase to 99,500 tonne from 94,600 tonne during the period while Robusta production is likely to touch 2.08 lakh tonne compared to 1.95 lakh tonne a year ago.
Coffee output in Karnataka, which accounts for 70% of the country?s total production, is expected to increase to 2.19 lakh tonne compared 2.05 lakh tonne harvested in the previous crop year.