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Microeconomics Current events Journal - Assignment Example

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Elisabeth Rosenthal in his article “Heat Damages Colombia Coffee, Raising Prices” published in New York Times on 9th March 2011 gives a well informed account of the problems that the coffee producers of Colombia are facing nowadays. Between two types of Coffee beans Arabica…
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Microeconomics Current events Journal

The rise in temperature has also been followed by frequent and erratic rainfall that has created a humid ambience around the coffee producing regions of Colombia. Pests do flourish in this environment and that adversely affects the coffee production. This way the mentioned plantation suffers a double blow. According to experts this might be the result of global warming. The major coffee producing regions of Colombia witnessed a rise in average temperature by one degree centigrade and a 25% rise in annual average rainfall. Both of these are beyond the normal suitable condition for coffee cultivation. The most severe of the attack is from coffee rust fungus that is taking full advantage of this environment and doing havoc to the coffee fields.
The decline in Colombian coffee production can be well grasped from the statistics that in the year 2006 the country produced more than 12 million pound bags of coffee and was optimistic to take this number to more than 17 million by 2014. However the catastrophe that has been illustrated so far has restricted the Colombian coffee production at nine million pounds bags in the year 2010. This displays a decline instead of much expected rise. Research has been going on to form a suitable Arabic coffee variant with indigenous qualities of Colombia that would be more resistant to pests and would be able to flourish even amidst heavy rain, however the final outcome is yet to be found. Courting this deadline in supply on one hand and rise in global demand for coffee on the other; price of the same is on a rise. The retail price of coffee coming from famous brands has risen by 25% and the figure in futures market is even higher at 85%.
The consequences for the Colombian coffee and the eventual impact on global coffee market from the same are following a simple logic. First of all global ... Read More
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