Tridge summary
European cocoa grindings have seen a significant increase in the second quarter, with a 13.6% rise compared to the same period in 2020, reaching 356,854 tonnes. This marks the first year-over-year increase since the pandemic began, attributed to the economic recovery. Germany, in particular, has experienced an 18% increase in grindings. Barry Callebaut has also reported a 21.2% increase in volume chocolate sales in the third quarter. Despite this recovery in demand, which has also supported cocoa prices in New York and London, supplies remain abundant. Côte d'Ivoire is expected to have a record cocoa harvest, with bean arrivals in ports projected to reach 2.3 million tonnes by September. However, smuggling of beans into neighboring countries has increased, resulting in higher prices, which has accelerated smuggling activities since May.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The premises for a recovery in demand for cocoa are visible. European grindings climbed 13.6% in the second quarter compared to the same period in 2020 to reach 356,854 tonnes, according to figures released by the European cocoa association (ECA). This is the first quarterly year-over-year increase since the start of the Covid-19 pandemic. In Germany, the recovery is more marked with an 18% increase in grindings to 93,064 tonnes, according to the German Confectionery Industry Association (BDSI). Grindings have advanced due to increased industrial demand as the economy recovers from the impact of the coronavirus crisis with quarterly grindings close to pre-pandemic levels, the association said. Germany's cocoa grinds fell 8.4% in 2020 and a further 8.1% in the first quarter of 2021. Sign of this recovery in demand, Barry Callebaut announces an increase in volume chocolate sales of 21.2% in the third quarter. “In the third quarter, we saw an acceleration in volume growth compared to ...
Source: Commodafrica
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