Traditional coffee producer/exporter Costa Rica has been importing more coffee in recent years, as local demand has increased and domestic production has suffered due to rainfall.
Broker Escritorio Carvalhaes recently told Bloomberg that coffee output in Costa Rica has been below 2007-2008 levels in every subsequent year, and this coming season is also expected to be lackluster. The USDA is forecasting an output of 1.64 million bags, which is more than 200,000 bags fewer than was produced in the country three years ago.
According to the report, the country may import as many as 150,000 bags this year.
“In the last three years, with smaller harvests, especially because of weather changes, coffee production in Costa Rica has been insufficient to meet consumption and exports,” the Santos, Brazil-based broker wrote in a report obtained by Bloomberg. “The solution found by the Central American country was to import.”
The full story: Bloomberg