Ecuador's Cocoa Exports See a Sweet 2021

Published 2022년 3월 3일

Ecuador is among the largest producers and exporters of cocoa and specializes in premium quality Arriba cocoa. The country recorded a YoY increase of 4% in the export value during 2021 which was driven by a bumper crop, increase in area under cocoa production, and growing assistance regarding the cultivation of cocoa in the country. Despite severe container shortages across the world, Ecuador managed to record an increase in exports due to an increase in per-person consumption of cocoa in countries such as China and Indonesia. Outlook for Ecuador remains positive with strong global demand and rising cocoa prices in the coming weeks due to limited production in other cocoa-producing countries.

Cocoa from Ecuador is well known for its fine aroma and is popularly called the “Arriba cocoa” which is a superior quality of cocoa with strong flavor notes. Overall, Ecuador is among the top five cocoa producing and exporting countries in the world, but a large share of cocoa produced is of the Arriba variety. The year 2021 was a hit for exports of cocoa and its semi-finished products with exports crossing over USD 900 million. Cocoa was exported to over 40 countries with the United States, Indonesia, Malaysia, Holland, and Mexico amongst the top five markets. Ecuador exported cocoa in different processed forms, including cocoa oil, cocoa liquor or paste, butter, powder, and many more.

In 2021, Ecuador’s cocoa export value recorded a YoY of 4% compared to 2020 and set a record for the second consecutive year. According to the National Association of Cocoa and Industrialized Exporters of Ecuador (ANECACAO), the value of exports was USD 15 million more than the value recorded in 2020 and the export volume reached 360 thousand mt, a YOY increase of about 14%. Furthermore, the Phytosanitary and Zoosanitary Regulation and Control Agency reports that 81% of the total volume exported is of fine cocoa quality. This comes after a year of the bumper crop with cocoa production reaching over 375 thousand mt during the previous year. ANECACAO has highlighted that increase in production and exports is a result of an increase in the area devoted to cocoa production and large-scale implementation of techniques for cocoa crop care.

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Even though there was a severe container shortage in many parts of the world, Ecuador managed to reach plenty of countries and record an increase in volume. Furthermore, the increase in consumption per person of cocoa in countries such as China and Indonesia has opened more opportunities for Ecuador. The country is planning to increase the volume of cocoa exports by 4% in 2022 to reach 375 thousand mt and exceed USD 1,000 million exported in value. The exporters are expecting that the price of cocoa will continue to increase in February and March 2022 due to lower production in the Ivory Coast and Ghana. These two countries account for more than 60% of world production and low rainfall in these regions has severely impacted the yield of the cocoa crop. Outlook for Ecuador remains positive with strong global demand and rising cocoa prices. If the production cycle and weather conditions favor Ecuador, it can record even higher exports in 2020.