Coffee is one of the most popular beverages in the world, with millions of people enjoying a cup of coffee every day. But did you know that coffee is also the second most traded commodity in the world after oil?
According to the International Coffee Organization, around 166 million bags of coffee were produced in the 2020-2021 coffee year. That's a lot of coffee! The coffee trade is a major source of income for many countries, especially in Latin America, Africa, and Asia, where coffee is grown on a large scale.
Coffee has a fascinating history, dating back to the 15th century when it was first discovered in Ethiopia. Since then, coffee has become a global commodity, with millions of people relying on it for their daily caffeine fix. Coffee is grown in more than 50 countries around the world, and each country produces coffee with its own unique flavour profile.
Coffee is traded on commodity markets, where the price of coffee is determined by supply and demand. The price of coffee can be volatile, with factors such as weather, political instability, and economic conditions affecting the price of coffee.
The coffee trade is an important industry for many countries, providing jobs for millions of people around the world. However, there are also concerns about the sustainability of the coffee industry, with issues such as climate change, deforestation, and unfair labour practices affecting coffee production.
Despite these challenges, the coffee industry continues to thrive, with consumers around the world enjoying a variety of coffee blends and flavours. So, the next time you sip on a cup of coffee, remember that you're part of a global industry that is second only to oil in terms of trade volume.
In conclusion, coffee is a major global commodity, with millions of people involved in its production, trade, and consumption. As coffee lovers, it's important to be aware of the challenges facing the coffee industry and support efforts to make coffee production more sustainable and equitable for all those involved.
The Second Most Traded Commodity in the World After Oil
Posted by Nate Lee on
