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Cocoa recorded a historic milestone yesterday, Thursday, by surpassing $10,000 per tonne. A large increase aggravated by poor harvests in West Africa during the first quarter; triggering a controversial paradigm that will have a direct impact on the cost of chocolate products. A value that could continue to rise if crop problems induced by adverse weather conditions continue.
In the United States, in particular, the price of cocoa has doubled compared to last year, which was marked by a value of about 2,900 dollars. Now, its market has reached a price of $10,409 per ton.
The crisis is affecting West Africa, the main cocoa-producing region in the world, which has shown its concern about this declining situation that has a direct impact on the African economy. In this regard, poor harvests and poor harvesting are leading to a restructuring of methods and a reduction in the size of chocolate bars.
In addition, the entry into force of European Union regulations to prevent deforestation could further complicate the supply of cocoa. Countries such as Ghana and Côte d’Ivoire, which together produce two-thirds of the world’s cocoa supply, are facing difficulties such as disease outbreaks and adverse weather conditions, which complicate contract fulfillment due to reduced bean harvesting and delayed deliveries.