Ivory Coast's Cocoa Export Challenge: A Slowdown Amid Surplus

Ivory Coast's cocoa exports decreased to 1.011 million metric tons by February 20, slightly less than last year's figure. Despite steady exports, cocoa arrival has slowed due to falling prices. The region, along with Ghana, faces a cocoa surplus crisis with accumulated stocks.

Cocoa exports from Ivory Coast have dipped to 1.011 million metric tons by February 20, as reported by government officials and the Coffee and Cocoa Council. This marks a slight decrease from the 1.040 million metric tons exported during the same period last year.

Despite steady export levels, cocoa arrivals at Ivorian ports have slowed. The deceleration is attributed to a drop in prices, which has led to a surplus crisis for the world's top cocoa producers, Ivory Coast and Ghana, who contribute to half of global cocoa production.

According to officials, cocoa prices have plunged more than 50% this year, reaching a near three-year low. This has resulted in unsold cocoa stockpiling both inland and at ports, creating a challenging scenario for stakeholders.