World: The average price of cocoa rises up to 147% in one year due to lack of supply

Cocoa Bean

United States

Published Mar 26, 2024

Tridge summary

In February, the global market witnessed a significant surge in cocoa prices, with a 147% increase in London and a 120% increase in New York compared to February 2023. This price hike is primarily due to a supply shortage from the top cocoa-producing countries, Ivory Coast and Ghana, as reported by the International Cocoa Organization (ICCO). The shortage stems from reduced production caused by adverse weather conditions and diseases, leading to a notable decrease in cocoa shipments from these nations. Consequently, last year's average cocoa prices were recorded at 2,484 US dollars per ton in London and 2,677 US dollars per ton in New York.

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Original content

The average price of cocoa in the world market was up to 147% higher last February than in the same month of 2023, mainly as a result of the shortage of supply from the world's largest producers: Ivory Coast and Ghana. . This is stated in the latest statistical bulletin published by the International Cocoa Organization (ICCO), which details that in February of this year the average price of cocoa was 147% and 120% higher than a year ago. in the reference markets of London and New York, respectively. The average price corresponding to February of last year was 2,484 US dollars in London (2,287 euros) and 2,677 US dollars per ton in New York (2,465 euros), the document details. "High cocoa prices continue to make the news. The recent supply shortfalls from Côte d'Ivoire and Ghana are really having consequences," the report notes. The document indicates that the movement of cocoa in the ports of Ivory Coast and Ghana has decreased by 28% and 35% compared to ...

Source: PEefeagro