In February 2020, the ICO composite indicator continued its downward trend, averaging 102 US cents/lb as prices for all group indicators fell. However, the differential between Colombian Milds and Other Milds more than doubled to 10.93 US cents/lb. Global exports in January 2020 totalled 10.29 million bags, compared with 11.14 million bags in January 2019, and shipments in the first four months of coffee year 2019/20 decreased by 5.8% to 39.53 million bags. Exports from the world’s two largest coffee-producing regions declined in the period October 2019 to January 2020. Shipments from South America decreased by 9.8% to 19.86 million bags and from Asia & Oceania by 5.4% to 12.21 million bags. However, exports from Africa grew by 9.5% to 4.38 million bags, as shipments from the region’s three largest producers all increased, and shipments from Central America & Mexico rose by 1.7% to 3.07 million bags. In 2019/20, world coffee consumption is estimated to exceed global output by 0.48 million bags, but Covid-19 presents considerable downside risk to global coffee consumption. "
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