November shipments drop off

Having increased in October, exports in November are drastically down, 10 K MT lower than in November 2021 and 8 K MT lower than in October 2022. It is likely that shipments going forward for the next 3 months will total less than 50 K MT. This will result is exports for the 12 month period March 22 to Feb 23 of less than 5 Million bags, however it will be the second highest annual exports figure after the 310 K MT shipped between March 21 and Feb 22.

Currently there is very little export activity as expected for this time of the year, matters are made worse by some big defaults from Saudi importers that having bought Lekempti 5 at around 200 c/lb when the NY market was above 200 are now not opening LCs leaving shippers carrying expensive coffee with nowhere to ship to.

Cherry prices are currently between 40 Birr per kg in some Limu areas to over 70 in some Yirgacheffe locations. Still very little is being bought with most washing stations either closed or operating well under capacity.

Birr 51.2 = USD 1

Have a good weekend.