ICO raises forecast for 2017/18 global coffee consumption

LONDON: The International Coffee Organization (ICO) on Tuesday raised its forecast for global coffee consumption in 2017/18 to 161.23 million 60kg bags, up from a previous forecast of 159.92 million.

The inter-governmental body now sees a global deficit of 2.67 million bags for the season. It had previously expected a deficit of 1.36 million.

The ICO maintained its forecast for global coffee production in 2017/18 at 158.56 million bags.

The global balance in 2016/17 was also revised. The ICO now expects a surplus of 146,000 bags, versus a previous estimate for a 1.19 million bag surplus, also reflecting an upward revision to consumption.