The International Cocoa Organization (ICCO) has revised its estimates for the 2022/23 cocoa campaign, showing a significantly larger surplus of 142,000 tonnes, twice the initially projected deficit of 60,000 tonnes. This is attributed to an increase in global production by 3.4% to 4.98 million tonnes, despite potential weather-related yields issues. Demand is projected to rise by only 1.5% to 5.072 million tonnes. The surge in cocoa stocks on commodity exchanges, despite the predicted supply shortage, highlights the positive effects of countries' efforts to process cocoa into value-added products, though this has inadvertently led to a decrease in cocoa bean exports.