Starbucks has stated that coffee is the second most traded commodity after crude oil. This has been proven incorrect. By doing some due diligence and looking at commodity trades and comparative figures it has fallen short of the claim. Coffee does not even fall into the top 20 group of most traded commodities.
Think of it. Why is oil the most traded commodity? It is an essential product used on a daily basis to drive economies and used in almost every aspect of human existence. Does coffee fall into this category? Not even close, other food stuffs like wheat would as it is used widely for a range of basic food stuffs and has a wide range of products which are made from it.
Both are essential items for day to day life. Is coffee not important as a commodity of course not? It is one of the most widely consumed products and the coffee renaissance has just started with a new appreciation for better quality and single source coffees.
How did the Starbucks myth come to be. There are references that coffee was the second most traded commodity but only in the 1970's. I have not yet got to the bottom of this fact but there are irrefutable proof the claim is faulty and the myth has perpetuated. It has even been published incorrectly on the International Coffee day page for UK awareness day.
To see what has been posted just do a search for coffee second most traded commodity and the facts suddenly seep out. To save you time I am posting 2 links below.
Its a fun myth which people have quickly proved incorrect but it doesnt take away from the fact. The humble bean which kept goats awake in Ethiopia has now become a integral part of life.
To take part in the International Coffee day prize draw click here.