Héctor Arenas Neira, Colombia’s ambassador to Russia, warned that global coffee prices may spike next year due to a possible crop failure in Colombia in 2023. So, the price of this drink is expected to surge all over the world. The diplomat explained that some major coffee-producing regions in Colombia were about to face serious problems, including harsh winter months. This may cut the harvest by 50-57% next year. "Colombia mainly produces Arabica, it is a very soft variety, and coffee production has already decreased by 22%," the official added. Other factors adding to the increase in coffee prices are the rising cost of fertilizers and logistics bottlenecks, including a shortage of shipping containers used to transport shipments from Colombia. It is hard to predict exactly how expensive coffee will be, the ambassador noted. According to Bloomberg, the global coffee market has faced the biggest supply shortage in the past 10 years due to bad weather conditions and crop failure in 2022. In September, coffee futures were trading at an all-time high of $2.5 a pound (0.45 kg), their highest value since 2011. Some estimates suggest that coffee production in Brazil and Vietnam will drop significantly by the year-end. Both countries are considered to be the largest coffee suppliers to the global market. In March 2022, as anti-Russian sanctions hit, Swiss food giant Nestle stopped exporting its Nespresso products to Russia. Earlier, Italy’s Lavazza and Finland’s Paulig also suspended their exports. Notably, these brands were among the top 5 coffee suppliers to the Russian market.
