Organized crime stalks cocoa producers, which are valued as gold in Ecuador

Published 2024년 6월 25일

Tridge summary

High international prices due to global demand and reduced supply from West Africa have led to a boom in cocoa farming in Ecuador, particularly for small producers. This surge in profits is challenged by increasing costs from crime, including kidnappings and extortions, and speculative activities by financial houses. The quadrupling of cocoa prices has had significant impacts on the world industry, including concerns about chocolate consumption due to rising costs.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Julia Avellán thought about abandoning the family tradition of planting cocoa. But an unexpected boom due to high international prices made him change his mind, although the eyes of organized crime have fallen on the producers. Wearing glasses, a cap and with pruning shears in hand, the 41-year-old woman tours her farm full of cocoa trees in Buena Fe, in the province of Los Ríos (central coastal region). In the middle of the crop, he cuts one of the fruits in half until he removes the slimy grains, which give off a sweet aroma. These seeds have been priced without brakes since 2023, to the point of breaking USD 10,000 per ton in New York for the first time in March. This is especially due to strong global demand and a significant reduction in supply from West Africa. In Ecuador, where the government does not regulate cocoa prices, profits are increasing. This year Avellán sold a 100-pound quintal for USD 420. Before the boom "there were prices of USD 50 to USD 60 that did not ...

Source: Primicias