Another month with exports below 10 K MT, only the second time this has happened in the last 5 years, first in December 2022 and now January 2023. Shippers have not been able to find buyers at asking prices or minimum registration prices. Hopefully February and March will be better, the recent rally in NY allowed for some sales, mostly of old crop. However, a more stable NY exchange this week took the excitement out of the the Ethiopia market. With little older coffee remaining unsold focus is turning to New Crop however buyers are looking for more attractive differentials than what can be achieved at present.
March to January (11 months) 22/23 stand at 244 K MT vs 290 same period 21/22, 16% lower. The prospects of shipments improving in the coming months will very much depend on pricing, shippers and the Ethiopian authorities need to adjust expectations to the market reality, otherwise below average exports will continue for longer.
In other news, voters in the South are casting ballots to decide if there is to be a new Region, for more on this follow the link: https://www.bbc.com/news/live/world-africa-64022924?ns_mchannel=social&ns_source=twitter&ns_campaign=bbc_live&ns_linkname=63e0a5722e179876cd7c0f41%26Millions%20vote%20in%20Ethiopia%20referendum%20for%20new%20region%262023-02-06T08%3A14%3A54.742Z&ns_fee=0&pinned_post_locator=urn:asset:b0466d4c-a5a2-4788-ad8e-d48efac1eb0d&pinned_post_asset_id=63e0a5722e179876cd7c0f41&pinned_post_type=share
Birr 53.56 = USD 1
Have a good weekend.