LONDON: The International Coffee Organisation (ICO) on Thursday revised upwards its forecast of 2007-08 global coffee production to nearly 114 million 60-kg bags from its previous prediction of 112 million.
The ICO also gave a preliminary forecast of world coffee consumption in 2007 of at least 122 million bags, up from 120.3 million in 2006.
Per capita consumption remains high in Scandinavian countries (Denmark, Finland, Norway and Sweden) as well as in exporters such as Brazil and Costa Rica, the ICO said in its latest monthly report.
“Although current price levels enable most producing countries to cover their production costs, the weakness of the US dollar continues to affect negatively the real income of growers,” said ICO executive director Nestor Osorio.
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