The world cocoa market is creating a new turning point

Published 2024년 2월 29일

Tridge summary

Cocoa prices have reached a record high of 6,557 USD/ton, a 54.72% increase from early 2024, due to a supply shortage in Ivory Coast and Ghana and increased demand around Valentine's Day. This trend is expected to continue until the second quarter of this year due to the ongoing El Nino. Meanwhile, Vietnam, which produces about 2,000 tons of cocoa beans annually, could potentially benefit from these high prices. The International Cocoa Organization ranks Vietnamese cocoa beans as the second best quality in Asia, presenting a 'golden opportunity' for Vietnam to expand its cocoa production and become a significant player in the global supply chain.

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

Original content

After 47 years, cocoa prices exceeded the 1977 record for the first time on February 8 and are tending to create many new peaks. According to records from the Vietnam Commodity Exchange (MXV), cocoa prices on the New York Intercontinental Exchange (ICE-US) closed on February 26, reaching 6,557 USD/ton, an increase of 54.72% compared to with early 2024 and 22% higher than the peak set in 1977. The risk of supply shortage in Ivory Coast and Ghana, two countries supplying over 70% of total global cocoa production, is one of the key factors pushing cocoa prices to skyrocket. According to data from Ivory Coast Customs, from October 2023 to February 25, the country's cocoa exports decreased by 32% compared to the same period last season, to 1.16 million tons. At the same time, from September 2023 to January this year, the volume of cocoa sorted and packaged in Ghana also decreased by 35% compared to the previous same period. In addition to the supply shortage, soaring demand for cocoa ...

Source: Baochinhphu