To meet national demand, cocoa imports in Brazil grow 300% and reach US$110 million in 2023

Cocoa Bean

Cocoa Products

Brazil

Market & Price Trends

Published Mar 26, 2024

Tridge summary

In 2023, Brazil experienced a dramatic 300% increase in cocoa imports, reaching US$110 million, up from US$28 million in 2022, due to a surge in pests like witches' broom affecting domestic production. The import volume also rose significantly to 43.3 thousand tons. The majority of these imports were sourced from Côte d'Ivoire and Ghana, the leading global cocoa producers. This increase was accompanied by a 75% hike in the price of imported cocoa from January 2023 to January 2024, influenced by supply-demand dynamics, climate changes in West Africa, and sustainability pressures. Despite these challenges, the imports are essential for sustaining Brazil's chocolate industry, particularly during high-demand periods such as Easter.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Cocoa imports in Brazil reached the US＄110 million mark in 2023, registering a significant increase of 300% compared to 2022, when the value was US＄28 million. Regarding the imported volume of the product, the total was 43.3 thousand tons last year, a significant increase compared to 2022, which closed with 11.4 thousand tons. The numbers are part of a survey conducted by Vixtra, an import financing fintech, based on data provided by the Secretariat of Foreign Trade (SECEX) and the International Cocoa Organization (ICCO). It is important to highlight that Brazil ranks sixth in world cocoa production, according to ICCO. This leading role in the cultivation of the fruit has even been the subject of a recent production on open TV with the remake of the soap opera Renascer. Despite this, some specific factors contribute to the need for cocoa imports, as Leonardo Baltieri, co-CEO of Vixtra, explains: “There is a huge contrast in imports from 2023 and 2022, the year that had the lowest ...

Source: NoticiasAgricolas