Nestle’s Mexican exports sour as COVID-19 coffee contraction continues

Ags - Softs 120 Brazil 354 Consumer Staples 666 Coronavirus 471 Guatemala 12 Mexico 768

The government of Guatemala is withdrawing from the International Coffee Organization, citing dissatisfaction with the progress of global coffee prices which have fallen by 20.4% year to date. That’s largely been driven by COVID-19 related closures in the food service sector. Guatemala only represented 2.4% of ICO volumes in the 12 months to May 31. Indeed it’s done better than most with a 0.2% year over year slip in the past 12 months compared to a 1.4% slide in total ICO group exports and a 14.1% slump in shipments from Mexico. Reduced demand cut total ICO exports by 14.6% in the month...

Copyright © 2021 Panjiva Supply Chain Intelligence, a product offering from S&P Global Market Intelligence Inc. All rights reserved.