Colombia has everything ready to return to coffee production of more than 12 million bags in 2024which would translate into an important dividend for the national economy.
The projection of the National Federation of Coffee Growers (FNC) aims to achieve this milestone in the second half of the year, just when the country’s great harvest arrives.
This was confirmed to Valora Analitik by the manager of the FNC, Germán Bahamón, within the framework of the 2024 Banking Convention, which took place this week in Cartagena.
With this in mind, coffee production would give an important rebound to Colombia’s economy, in the midst of the deceleration process it is going through.
Strong increase in coffee production in Colombia
“In terms of production, in Colombia we have good news. May was a month in which production grew by 39% compared to May of the previous year,” said the manager.
And he noted that, if the last 12 months are counted, there is a growth of 12% and in white silver, The country is already at levels of 11.93 million bags produced.
According to Bahamón, the above “shows that the coffee economy is going to continue giving Colombia that economic development and that social fabric throughout the Andean slope in 603 municipalities.”
Above all, because the perspective is that Colombia will exceed 12 million bags of coffee produced in 2024, thanks to the good outlook for the rest of the year.
In that sense, The manager stated that the first semester could close with around 5.7 million bagssuggesting growth of around 15% to 16% from the previous year.
And this also allows us to anticipate that the aforementioned barrier in coffee production will be broken, due to the fact that the second semester harvest is stronger.
“That could be assuring us that we are going to break the barrier of 12 million bags this year and that is a very positive message from coffee growing for the national economy,” Bahamón reiterated.
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Coffee prices and exports
On the other hand, the manager noted that today, The price of grain is helping the sector, since it has been reaching US$2.30 per pound.
However, this could be better if the dollar were at $4,000 levels or higher. “This means that the cargo still does not have the price it had at pandemic levels,” he said.
Despite this, the National Federation of Coffee Growers highlighted that the New York Stock Exchange price is already at the positive historical levels that were experienced with the pandemic and the logistics crisis.
The above has been reflected in better export figures, that register a growth in the last 12 months of 10%as well as a considerable drop in imports.
For the FNC manager, this confirms that “Colombians are drinking more 100% Colombian coffee.”
