News

Peru benefits from soaring cocoa prices

Cocoa Bean
Cocoa Products
Peru
Market & Price Trends
Published Apr 22, 2024

Tridge summary

The global cocoa market is experiencing a significant price surge, with the cost of cocoa beans in the New York market skyrocketing to over $10,000 per ton, a 293% increase from February 2023's price of $2,541 per ton. This dramatic rise is due to supply shortages stemming from drought and crop failures in West Africa, which is responsible for 80% of the world's cocoa production. The International Cocoa Organization predicts an 11% decrease in global cocoa supply for the season. Meanwhile, Peru, a top ten cocoa producer, is seeing a boon from these high prices, with its cocoa bean exports growing substantially. Over the past decade, Peru's cocoa production has been on the rise, with a 12.6% annual increase, making it the eighth largest exporter. In 2023, Peru exported over 70,000 tons of cocoa beans, valued at $217 million, and experienced an 8% increase in exports in the first two months of 2024. As poor harvests continue in Africa, Peru is poised to further benefit from the high market prices and increase its share in the global cocoa exports.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to the Mexican newspaper Business Daily, the price of cocoa beans in the New York market has recently exceeded the $10,000 per ton mark, up 293% from the price in February 2023 (US$2,541 per ton). According to US media reports, on April 15, the price of cocoa beans rose to US$10,559 per ton and closed at US$9,819 per ton on the 16th. Due to global supply issues, all signs indicate that the price of cocoa beans will remain the same, or even higher. West Africa is the country of origin of cocoa beans, supplying 80% of the world's production. However, due to drought caused by climate change in West Africa and crop failures in the country of origin leading to supply shortages, the International Cocoa Organization expects global cocoa bean supply to fall by about 11% this season. Mercedes Obregón, senior analyst of economic research at the Peruvian Foreign Trade Association (Comex Perú), said: Obregón said that Peru ranks among the top ten major cocoa bean producers and its ...
Source: Foodmate
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