OREANDA-NEWS. March 10, 2015. World coffee production in 2014/2015 is estimated to drop 3.2 percent from the previous season to 142 million bags, the lowest in three years, the International Coffee Organization said in a report.

The output was revised up slightly from 141.6 million 60-kg bags estimated last month due to higher output in Honduras and slight upward adjustments in Tanzania, Cameroon, Rwanda and Burundi, the London-based ICO said in its February report.

"This puts the coffee market into a deficit for the current year, although stocks in exporting countries have so far allowed exports to continue at a strong pace," the report said.

World coffee consumption is expected to grow at least 2 percent in 2015, picking up from an annual rise of 1.8 percent last year when consumption was at around 149 million bags, an ICO executive said on Friday.

Global coffee exports reached 8.79 million 60-kg bags in January, up slightly from the same month in 2014, ICO data showed.